Fuel-Efficient Turbo Engine Launches Spur Growth in the U.S., Europe and China where Honeywell Turbocharger Gains Stronger Industry Recognition
SHANGHAI, Oct. 28 /PRNewswire-Asia/ -- Honeywell (NYSE: HON), the leading global developer of automotive turbochargers, expects the global turbo segment to double in the next five years, from 17 million new turbo vehicles in 2009 to 35 million in 2015.
In China, turbocharging will grow from approximately 10 percent today to 20 percent by 2015. In the United States, turbocharged vehicles are expected to grow from nearly one million (five percent) vehicles sold today to more than four million (over 20 percent) in five years.
Honeywell also expects the global turbocharged commercial vehicle engine segment to grow rapidly from 3.5 million engines in 2009 to six million engines in 2015.
Honeywell's data is based on a collaboration of findings from industry analysts, including IHS Global Insight, J.D. Power & Associates, and R.L. Polk & Co., as well as customer forecasts, interviews, and discussions.
Tightening fuel economy and emissions standards worldwide, coupled with consumer demand for affordable, more fuel efficient vehicles, have automakers looking increasingly to turbocharging, which can deliver up to 20 percent better fuel economy on gas vehicles, and up to 40 percent better fuel economy on diesel vehicles, with no compromise on performance and at a significant cost discount to hybrid and electric vehicles.
"We have witnessed a sharp increase in demand for our turbos on both passenger and commercial vehicles in the U.S. and China, and expect to grow in new sectors like small gas (petrol) engines in Europe, where turbo penetration is already very strong," said Alex Ismail, President and CEO of Honeywell Transportation System. "Despite the buzz around hybrid and electric vehicles, it is clear that automakers will be looking primarily at turbocharged engines to help ‘green’ their fleets and to meet increasingly stringent regulatory targets in their regions.”
The growth in all regions is primarily driven by increased adoption of smaller, turbocharged gasoline engines.
For example in China, Honeywell Turbo Technologies, a business unit of Honeywell Transportation Systems, recently announced two gasoline turbocharging programs: a new customer in the joint-venture of Guangzhou Auto Company and Fiat (GAC-Fiat) formed in 2009 for 1.4- to 1.6-liter engines, and with Jianghuai Automotive Co Ltd (JAC) for 1.5-liter engine. JAC is an existing customer already in turbocharging programs with Honeywell in China. Currently, Honeywell has entered into joint development programs with more than 10 Chinese automakers.
“Honeywell turbocharger is gaining stronger industry recognition in China with the recent naming of Honeywell to the Gasgoo International’s inaugural Top 100 ‘Most Competitive’ Auto Parts Suppliers Award 2010,” said Gao Dinggui, General Manager of Honeywell Turbo Technologies, China. “We are pleased to have performed well through a battery of independent evaluation by OEMs, auto-parts buyers and industry experts to be acknowledged as China’s most competitive turbocharger brand, an industry recognition that further boosts our position.”
Gasgoo operates gasgoo.com, China's largest automotive B2B marketplace with more than 80,000 global buyers and 12,000 verified member suppliers. Its Top 100 ‘Most Competitive’ Auto Parts Suppliers Award 2010 is organized under the auspices of China’s Ministry of Industry and Commerce, Division of Information.
An independent evaluation process whittled down 3,000 nominations to 300 before Gasgoo revealed the top 100 companies on September 24, 2010 in a ceremony. Those who took part in the evaluation included 20,000 readers of Gasgoo’s publication, Automotive News. Products were eventually scored by a panel of judges comprising some of China’s leading OEMs such as FAW-Volkswagen, Shanghai Automotive Industry Corporation (SAIC) Motor, GM China and BMW, as well as industry experts from renowned universities in China.
Around the world, recently launched Honeywell turbocharged vehicles include the 2011 Chevy Cruze in the U.S., the 2010 Volkswagen Polo in Europe, the world's most fuel efficient five-seat car, and the BMW X-6 ActiveHybrid, a turbo gasoline-electric hybrid engine, and the Ford EcoBoost (V6 version). Recently launched its 2011 F-Series Super Duty diesel trucks, boosted by Honeywell's DualBoost turbos on its 6.7 liter Power Stroke engines.
Honeywell Turbo Technologies is the leading automotive turbocharger developer in the world, and is a business unit of Honeywell Transportation Systems. As a leading automotive supplier, Honeywell Transportation Systems enhances vehicle performance, efficiency and appearance through state-of-the-art technologies.
Honeywell International (www.honeywell.com) is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials. Based in Morris Township, N.J., Honeywell's shares are traded on the New York, London, and Chicago Stock Exchanges. For more news and information on Honeywell, please visit www.honeywellnow.com.
This release contains forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934, including statements about future business operations, financial performance and market conditions. Such forward-looking statements involve risks and uncertainties inherent in business forecasts as further described in our filings under the Securities Exchange Act.
