LMC Automotive is forecasting slower growth in global light vehicle sales this year with sales rising by 3 percent to 83 million units following a 5 percent increase in 2011.

Regional performances in 2012 varied markedly, with North America and much of Asia doing relatively well while Europe, and to a lesser degree South America, suffering from underlying economic weakness and poor consumer confidence coupled with ongoing political and economic uncertainty.

"While some large markets performed solidly in 2012 - notably in the US and China - the key macro-economic risks that prevailed during 2012 look likely to persist well into 2013 with negative implications and an unbalanced risk profile for Europe," said Pete Kelly, managing director of LMC Automotive.