Honeywell (NYSE: HON), the world's leading developer of automotive turbochargers, predicts that the global turbine market will double in sales in the next five years. In 2009, the global sales of turbine engines totaled 17 million units. In 2015, this figure will reach 35 million units.
By 2015, the share of turbocharged engines in the Chinese market will increase from nearly 10% to 20%; the share of turbocharged engines in the US market will increase from the current 5% to 20%, and the annual sales volume will be 1 million units from now. Increased to 4 million units.
Honeywell also expects that by 2015 global commercial vehicle turbocharged engine sales will increase from 3.5 million units in 2009 to 6 million units.
Honeywell's forecasts are based on collected data from companies such as IHS Global Insight, JD Power and RL Polk, combined with customer expectations and interviews with authoritative professionals.
The increasingly stringent global fuel economy and emission standards, coupled with consumer demand for more affordable and fuel-efficient vehicles, have led automakers to focus on turbocharging. This technology can help gasoline and diesel vehicles to save up to 20% and 40%, respectively, without compromising performance. At the same time, significant cost savings can be achieved compared to hybrid and electric vehicles.
Mr. Alex Ismail, President and CEO of Honeywell Transportation Systems Group stated: “In the passenger and commercial vehicle markets in the United States and China, we have seen a strong increase in demand for turbine equipment. The pressure is expected to grow in new areas, such as Europe where the technology is most popular, but this time it is in the field of small gasoline engines. Although there are many reports on hybrid and electric vehicles, automakers obviously pay attention to it. Focus on turbocharged engine technology to achieve vehicle energy savings and meet increasingly stringent emissions and energy efficiency standards."
Honeywell Turbocharged Technology is the world's leading developer of automotive turbochargers and a division of the Honeywell Transportation Systems Group. As a leading automotive supplier, Honeywell Transportation Systems Group specializes in improving vehicle performance, efficiency and appearance through leading technologies.
About Honeywell
Honeywell International is a leader in a diverse array of Fortune 100 technology and manufacturing industries. Globally, its business involves aviation products and services, building, home and industrial control technologies, automotive products, turbochargers, and specialty materials. Honeywell is headquartered in Morristown, New Jersey, USA, and shares are traded on the New York, London and Chicago stock exchanges.
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