Millennials point to fuel economy among top factors that make a car fun to drive
PLYMOUTH, Mich. � Nov. 11, 2013 � Honeywell (NYSE: HON) Turbo Technologies, the leading global developer of automotive turbochargers, announced today a recently conducted survey revealing 70 percent of Americans have never driven a diesel-powered vehicle, and 73 percent of Millennials (those under the age of 35) have never ventured on American roadways in a diesel car or truck, yet 56 percent recognize that running diesel fuel is more fuel efficient than using gasoline.
Despite this lack of diesel driving experience, consumers were familiar of the benefits of diesel, most notably that diesel engines can produce more power than traditional gasoline engines (65 percent). Nearly three in five adults (59 percent), and more than half of Millennials (56 percent), said they believe running diesel fuel is more fuel efficient than gasoline.
"Turbocharged diesel engines have an opportunity to make an impact with today's younger car buyers who understand and even prioritize the fuel economy advantages of the technology, but have not yet been able to drive one," said Honeywell Transportation Systems President and CEO Terrence Hahn. "Turbodiesels and downsized turbocharged gasoline engines provide both automakers and consumers a no-compromise solution of greater fuel economy and performance with the added benefit of being more environmentally-friendly."
Modern diesel passenger-car engines in the U.S. are all turbocharged. Honeywell turbodiesels boost a wide range of light vehicles � from bi-cylinder 0.8L engines to 7.0L pick-up trucks. The survey indicated: � While not often considered a factor in the driving experience, fuel economy (23 percent) was ranked the second most important factor for Americans when determining whether a car is fun to drive � behind only good handling (47 percent). � When Millennials determine whether a car is fun to drive, they are more likely to say fuel economy (23 percent) contributes to this than either speed (16 percent) or horsepower (8 percent). � Nearly two-thirds of Americans (65 percent) said they believe diesel engines can output more power than traditional gasoline powered vehicles.
For the U.S., Honeywell has doubled its estimate for diesel sales penetration by 2018, to 6 percent from 3 percent. By 2018, diesel and gasoline turbo engines combined are expected to account for about 20 to 25 percent of U.S. new-vehicle sales.
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Survey methodology This survey was conducted online within the United States by Harris Interactive on behalf of Honeywell from Sept. 25-27, 2013 among 3,014 adults ages 18 and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. Complete survey methodology, including weighting variables, is available upon request.
About Honeywell Turbo Technologies Honeywell Turbo Technologies (http://turbo.honeywell.com/) is the leading automotive turbocharger supplying technology solutions to nearly every major automaker and truck manufacturer in the world. The Turbo Technologies business is part of Honeywell Transportation Systems, which also comprises Honeywell Friction Materials, a leading global automotive supplier of brake friction materials. Honeywell Transportation Systems enhances vehicle performance, efficiency and appearance through state-of-the-art technologies, world-class brands, and global solutions tailored for its automotive customers around the world.
Honeywell (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; turbochargers; and performance 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 visitwww.honeywellnow.com. This release contains certain statements that may be deemed "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements. We identify the principal risks and uncertainties that affect our performance in our Form 10-K and other filings with the Securities and Exchange Commission.
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