APO RESEARCH · REPORT
Electric Winches
Electric winches are most commonly used to pull an automobile, boat, crane, truck, or other piece of Machinery & Equipment from a problematic area. If a car goes off the road and down into a ravine, for example, trucks with these types of winches are used to hook the car and pull it back to the road. They can also be used to tug boats to safety. There have even been rare instances in which they have helped save large animals from tricky holes and pits.
Product & engineering
Understand the product.
Electric winches are most commonly used to pull an automobile, boat, crane, truck, or other piece of Machinery & Equipment from a problematic area. If a car goes off the road and down into a ravine, for example, trucks with these types of winches are used to hook the car and pull it back to the road. They can also be used to tug boats to safety. There have even been rare instances in which they have helped save large animals from tricky holes and pits.
Selected research
Market Analysis & Forecast
Global Electric Winches Market Analysis and Forecast 2026-2032
Market perspective
Electric winches are most commonly used to pull an automobile, boat, crane, truck, or other piece of Machinery & Equipment from a problematic area. If a car goes off the road and down into a ravine, for example, trucks with these types of winches are used to hook the car and pull it back to the road. They can also be used to tug boats to safety. There have even been rare instances in which they have helped save large animals from tricky holes and pits.
The major players in global Electric Winches market include Ingersoll Rand, WARN Industries, Patterson Manufacturing, etc. The top 3 players occupy over 25% shares of the global market. North America and Europe are main markets, they occupy about 50% of the global market. Single Reel Electric Winch is the main type, with a share about 70%. Factory is the main application, which holds a share about 65%.
This report presents an overview of global market for Electric Winches, capacity, output, revenue and price. Analyses of the global market trends, with historic market revenue or sales data for 2021 - 2025, estimates for 2026, and projections of CAGR through 2032.
Read the full market overview
This report researches the key producers of Electric Winches, also provides the consumption of main regions and countries. Of the upcoming market potential for Electric Winches, and key regions or countries of focus to forecast this market into various segments and sub-segments. Country specific data and market value analysis for the U.S., Canada, Mexico, Brazil, China, Japan, South Korea, Southeast Asia, India, Germany, the U.K., Italy, Middle East, Africa, and Other Countries.
This report focuses on the Electric Winches sales, revenue, market share and industry ranking of main manufacturers, data from 2021 to 2026. Identification of the major stakeholders in the global Electric Winches market, and analysis of their competitive landscape and market positioning based on recent developments and segmental revenues. This report will help stakeholders to understand the competitive landscape and gain more insights and position their businesses and market strategies in a better way.
This report analyzes the segments data by Type and by Application, sales, revenue, and price, from 2021 to 2032. Evaluation and forecast the market size for Electric Winches sales, projected growth trends, production technology, application and end-user industry.
Electric Winches Segment by Company
Mile Marker Industries
Ingersoll Rand
Harken
COMEUP Industries(川方)
WARN Industries
Superwinch
Ramsey Winch
Winchmax
Thern
THAC
Patterson
KOSTER
LIANDA
Runva
Zhejiang Nowvow Mechanical & Electrical Corp Ltd
Shandong Jndo Hoisting Equipment
Electric Winches Segment by Type
Single Reel Electric Winch
Double Reel Electric Winch
Electric Winches Segment by Application
Vehicle
Factory
Business Activity
Electric Winches Segment by Region
North America
United States
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Russia
Spain
Netherlands
Switzerland
Sweden
Poland
Asia-Pacific
China
Japan
South Korea
India
Australia
Taiwan
Southeast Asia
South America
Brazil
Argentina
Chile
Middle East & Africa
Egypt
South Africa
Israel
Türkiye
GCC Countries
Study Objectives
1. To analyze and research the global status and future forecast, involving, production, value, consumption, growth rate (CAGR), market share, historical and forecast.
2. To present the key manufacturers, capacity, production, revenue, market share, and Recent Developments.
3. To split the breakdown data by regions, type, manufacturers, and Application.
4. To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints, and risks.
5. To identify significant trends, drivers, influence factors in global and regions.
6. To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.
Reasons to Buy This Report
1. This report will help the readers to understand the competition within the industries and strategies for the competitive environment to enhance the potential profit. The report also focuses on the competitive landscape of the global Electric Winches market, and introduces in detail the market share, industry ranking, competitor ecosystem, market performance, new product development, operation situation, expansion, and acquisition. etc. of the main players, which helps the readers to identify the main competitors and deeply understand the competition pattern of the market.
2. This report will help stakeholders to understand the global industry status and trends of Electric Winches and provides them with information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to understand competitors better and gain more insights to strengthen their position in their businesses. The competitive landscape section includes the market share and rank (in volume and value), competitor ecosystem, new product development, expansion, and acquisition.
4. This report stays updated with novel technology integration, features, and the latest developments in the market.
5. This report helps stakeholders to gain insights into which regions to target globally.
6. This report helps stakeholders to gain insights into the end-user perception concerning the adoption of Electric Winches.
7. This report helps stakeholders to identify some of the key players in the market and understand their valuable contribution.
Chapter Outline
Chapter 1: Introduces the report scope of the report, executive summary of different market segments (by type and by application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
Chapter 2: Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 3: Electric Winches production/output of global and key producers (regions/countries). It provides a quantitative analysis of the production, and development potential of each producer in the next six years.
Chapter 4: Sales (consumption), revenue of Electric Winches in global, regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space of each country in the world.
Chapter 5: Detailed analysis of Electric Winches manufacturers competitive landscape, price, sales, revenue, market share and industry ranking, latest development plan, merger, and acquisition information, etc.
Chapter 6: Provides the analysis of various market segments by type, covering the sales, revenue, average price, and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 7: Provides the analysis of various market segments by application, covering the sales, revenue, average price, and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 8: Provides profiles of key manufacturers, introducing the basic situation of the main companies in the market in detail, including product descriptions and specifications, Electric Winches sales, revenue, price, gross margin, and recent development, etc.
Chapter 9: North America by type, by application and by country, sales, and revenue for each segment.
Chapter 10: Europe by type, by application and by country, sales, and revenue for each segment.
Chapter 11: China by type, by application, sales, and revenue for each segment.
Chapter 12: Asia (Excluding China) by type, by application and by region, sales, and revenue for each segment.
Chapter 13: South America, Middle East and Africa by type, by application and by country, sales, and revenue for each segment.
Chapter 14: Analysis of industrial chain, sales channel, key raw materials, distributors and customers.
Chapter 15: The main concluding insights of the report.
More report detail
Tables and figures
Scope & coverage.
Types
- Single Reel Electric Winch
- Double Reel Electric Winch
Applications
- Vehicle
- Factory
- Business Activity
Companies covered
- Mile Marker Industries
- Ingersoll Rand
- Harken
- COMEUP Industries(川方)
- WARN Industries
- Superwinch
- Ramsey Winch
- Winchmax
- Thern
- THAC
- Patterson
- KOSTER
- LIANDA
- Runva
- Zhejiang Nowvow Mechanical & Electrical Corp Ltd
- Shandong Jndo Hoisting Equipment
Inside the report.
1 Market Overview
- 1.1 Product Definition
- 1.2 Electric Winches Market by Type
- 1.2.1 Global Electric Winches Market Size by Type, 2021 VS 2025 VS 2032
- 1.2.2 Single Reel Electric Winch
- 1.2.3 Double Reel Electric Winch
- 1.3 Electric Winches Market by Application
- 1.3.1 Global Electric Winches Market Size by Application, 2021 VS 2025 VS 2032
- 1.3.2 Vehicle
- 1.3.3 Factory
- 1.3.4 Business Activity
- 1.4 Assumptions and Limitations
- 1.5 Study Goals and Objectives
2 Electric Winches Market Dynamics
- 2.1 Electric Winches Industry Trends
- 2.2 Electric Winches Industry Drivers
- 2.3 Electric Winches Industry Opportunities and Challenges
- 2.4 Electric Winches Industry Restraints
3 Global Electric Winches Production Overview
- 3.1 Global Electric Winches Production Capacity (2021-2032)
- 3.2 Global Electric Winches Production by Region: 2021 VS 2025 VS 2032
- 3.3 Global Electric Winches Production by Region
- 3.3.1 Global Electric Winches Production by Region (2021-2026)
- 3.3.2 Global Electric Winches Production by Region (2027-2032)
- 3.3.3 Global Electric Winches Production Market Share by Region (2021-2032)
- 3.4 North America
- 3.5 Europe
- 3.6 China
- 3.7 Japan
4 Global Market Growth Prospects
- 4.1 Global Electric Winches Revenue Estimates and Forecasts (2021-2032)
- 4.2 Global Electric Winches Revenue by Region
- 4.2.1 Global Electric Winches Revenue by Region: 2021 VS 2025 VS 2032
- 4.2.2 Global Electric Winches Revenue by Region (2021-2026)
- 4.2.3 Global Electric Winches Revenue by Region (2027-2032)
- 4.2.4 Global Electric Winches Revenue Market Share by Region (2021-2032)
- 4.3 Global Electric Winches Sales Estimates and Forecasts 2021-2032
- 4.4 Global Electric Winches Sales by Region
- 4.4.1 Global Electric Winches Sales by Region: 2021 VS 2025 VS 2032
- 4.4.2 Global Electric Winches Sales by Region (2021-2026)
- 4.4.3 Global Electric Winches Sales by Region (2027-2032)
- 4.4.4 Global Electric Winches Sales Market Share by Region (2021-2032)
- 4.5 North America
- 4.6 Europe
- 4.7 China
- 4.8 Asia (Excluding China)
- 4.9 South America, Middle East and Africa
5 Market Competitive Landscape by Manufacturers
- 5.1 Global Electric Winches Revenue by Manufacturers
- 5.1.1 Global Electric Winches Revenue by Manufacturers (2021-2026)
- 5.1.2 Global Electric Winches Revenue Market Share by Manufacturers (2021-2026)
- 5.1.3 Global Electric Winches Manufacturers Revenue Share Top 10 and Top 5 in 2025
- 5.2 Global Electric Winches Sales by Manufacturers
- 5.2.1 Global Electric Winches Sales by Manufacturers (2021-2026)
- 5.2.2 Global Electric Winches Sales Market Share by Manufacturers (2021-2026)
- 5.2.3 Global Electric Winches Manufacturers Sales Share Top 10 and Top 5 in 2025
- 5.3 Global Electric Winches Sales Price by Manufacturers (2021-2026)
- 5.4 Global Electric Winches Key Manufacturers Ranking, 2024 VS 2025 VS 2026
- 5.5 Global Electric Winches Key Manufacturers Manufacturing Sites & Headquarters
- 5.6 Global Electric Winches Manufacturers, Product Type & Application
- 5.7 Global Electric Winches Manufacturers Commercialization Time
- 5.8 Market Competitive Analysis
- 5.8.1 Global Electric Winches Market CR5 and HHI
- 5.8.2 2025 Electric Winches Tier 1, Tier 2, and Tier 3
6 Electric Winches Market by Type
- 6.1 Global Electric Winches Revenue by Type
- 6.1.1 Global Electric Winches Revenue by Type (2021-2032) & (US$ Million)
- 6.1.2 Global Electric Winches Revenue Market Share by Type (2021-2032)
- 6.2 Global Electric Winches Sales by Type
- 6.2.1 Global Electric Winches Sales by Type (2021-2032) & (K Units)
- 6.2.2 Global Electric Winches Sales Market Share by Type (2021-2032)
- 6.3 Global Electric Winches Price by Type
7 Electric Winches Market by Application
- 7.1 Global Electric Winches Revenue by Application
- 7.1.1 Global Electric Winches Revenue by Application (2021-2032) & (US$ Million)
- 7.1.2 Global Electric Winches Revenue Market Share by Application (2021-2032)
- 7.2 Global Electric Winches Sales by Application
- 7.2.1 Global Electric Winches Sales by Application (2021-2032) & (K Units)
- 7.2.2 Global Electric Winches Sales Market Share by Application (2021-2032)
- 7.3 Global Electric Winches Price by Application
8 Company Profiles
- 8.1 Mile Marker Industries
- 8.1.1 Mile Marker Industries Company Information
- 8.1.2 Mile Marker Industries Business Overview
- 8.1.3 Mile Marker Industries Electric Winches Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.1.4 Mile Marker Industries Electric Winches Product Portfolio
- 8.1.5 Mile Marker Industries Recent Developments
- 8.2 Ingersoll Rand
- 8.2.1 Ingersoll Rand Company Information
- 8.2.2 Ingersoll Rand Business Overview
- 8.2.3 Ingersoll Rand Electric Winches Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.2.4 Ingersoll Rand Electric Winches Product Portfolio
- 8.2.5 Ingersoll Rand Recent Developments
- 8.3 Harken
- 8.3.1 Harken Company Information
- 8.3.2 Harken Business Overview
- 8.3.3 Harken Electric Winches Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.3.4 Harken Electric Winches Product Portfolio
- 8.3.5 Harken Recent Developments
- 8.4 COMEUP Industries(川方)
- 8.4.1 COMEUP Industries(川方) Company Information
- 8.4.2 COMEUP Industries(川方) Business Overview
- 8.4.3 COMEUP Industries(川方) Electric Winches Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.4.4 COMEUP Industries(川方) Electric Winches Product Portfolio
- 8.4.5 COMEUP Industries(川方) Recent Developments
- 8.5 WARN Industries
- 8.5.1 WARN Industries Company Information
- 8.5.2 WARN Industries Business Overview
- 8.5.3 WARN Industries Electric Winches Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.5.4 WARN Industries Electric Winches Product Portfolio
- 8.5.5 WARN Industries Recent Developments
- 8.6 Superwinch
- 8.6.1 Superwinch Company Information
- 8.6.2 Superwinch Business Overview
- 8.6.3 Superwinch Electric Winches Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.6.4 Superwinch Electric Winches Product Portfolio
- 8.6.5 Superwinch Recent Developments
- 8.7 Ramsey Winch
- 8.7.1 Ramsey Winch Company Information
- 8.7.2 Ramsey Winch Business Overview
- 8.7.3 Ramsey Winch Electric Winches Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.7.4 Ramsey Winch Electric Winches Product Portfolio
- 8.7.5 Ramsey Winch Recent Developments
- 8.8 Winchmax
- 8.8.1 Winchmax Company Information
- 8.8.2 Winchmax Business Overview
- 8.8.3 Winchmax Electric Winches Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.8.4 Winchmax Electric Winches Product Portfolio
- 8.8.5 Winchmax Recent Developments
- 8.9 Thern
- 8.9.1 Thern Company Information
- 8.9.2 Thern Business Overview
- 8.9.3 Thern Electric Winches Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.9.4 Thern Electric Winches Product Portfolio
- 8.9.5 Thern Recent Developments
- 8.10 THAC
- 8.10.1 THAC Company Information
- 8.10.2 THAC Business Overview
- 8.10.3 THAC Electric Winches Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.10.4 THAC Electric Winches Product Portfolio
- 8.10.5 THAC Recent Developments
- 8.11 Patterson
- 8.11.1 Patterson Company Information
- 8.11.2 Patterson Business Overview
- 8.11.3 Patterson Electric Winches Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.11.4 Patterson Electric Winches Product Portfolio
- 8.11.5 Patterson Recent Developments
- 8.12 KOSTER
- 8.12.1 KOSTER Company Information
- 8.12.2 KOSTER Business Overview
- 8.12.3 KOSTER Electric Winches Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.12.4 KOSTER Electric Winches Product Portfolio
- 8.12.5 KOSTER Recent Developments
- 8.13 LIANDA
- 8.13.1 LIANDA Company Information
- 8.13.2 LIANDA Business Overview
- 8.13.3 LIANDA Electric Winches Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.13.4 LIANDA Electric Winches Product Portfolio
- 8.13.5 LIANDA Recent Developments
- 8.14 Runva
- 8.14.1 Runva Company Information
- 8.14.2 Runva Business Overview
- 8.14.3 Runva Electric Winches Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.14.4 Runva Electric Winches Product Portfolio
- 8.14.5 Runva Recent Developments
- 8.15 Zhejiang Nowvow Mechanical & Electrical Corp Ltd
- 8.15.1 Zhejiang Nowvow Mechanical & Electrical Corp Ltd Company Information
- 8.15.2 Zhejiang Nowvow Mechanical & Electrical Corp Ltd Business Overview
- 8.15.3 Zhejiang Nowvow Mechanical & Electrical Corp Ltd Electric Winches Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.15.4 Zhejiang Nowvow Mechanical & Electrical Corp Ltd Electric Winches Product Portfolio
- 8.15.5 Zhejiang Nowvow Mechanical & Electrical Corp Ltd Recent Developments
- 8.16 Shandong Jndo Hoisting Equipment
- 8.16.1 Shandong Jndo Hoisting Equipment Company Information
- 8.16.2 Shandong Jndo Hoisting Equipment Business Overview
- 8.16.3 Shandong Jndo Hoisting Equipment Electric Winches Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.16.4 Shandong Jndo Hoisting Equipment Electric Winches Product Portfolio
- 8.16.5 Shandong Jndo Hoisting Equipment Recent Developments
9 North America
- 9.1 North America Electric Winches Market Size by Type
- 9.1.1 North America Electric Winches Revenue by Type (2021-2032)
- 9.1.2 North America Electric Winches Sales by Type (2021-2032)
- 9.1.3 North America Electric Winches Price by Type (2021-2032)
- 9.2 North America Electric Winches Market Size by Application
- 9.2.1 North America Electric Winches Revenue by Application (2021-2032)
- 9.2.2 North America Electric Winches Sales by Application (2021-2032)
- 9.2.3 North America Electric Winches Price by Application (2021-2032)
- 9.3 North America Electric Winches Market Size by Country
- 9.3.1 North America Electric Winches Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
- 9.3.2 North America Electric Winches Sales by Country (2021 VS 2025 VS 2032)
- 9.3.3 North America Electric Winches Price by Country (2021-2032)
- 9.3.4 United States
- 9.3.5 Canada
- 9.3.6 Mexico
10 Europe
- 10.1 Europe Electric Winches Market Size by Type
- 10.1.1 Europe Electric Winches Revenue by Type (2021-2032)
- 10.1.2 Europe Electric Winches Sales by Type (2021-2032)
- 10.1.3 Europe Electric Winches Price by Type (2021-2032)
- 10.2 Europe Electric Winches Market Size by Application
- 10.2.1 Europe Electric Winches Revenue by Application (2021-2032)
- 10.2.2 Europe Electric Winches Sales by Application (2021-2032)
- 10.2.3 Europe Electric Winches Price by Application (2021-2032)
- 10.3 Europe Electric Winches Market Size by Country
- 10.3.1 Europe Electric Winches Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
- 10.3.2 Europe Electric Winches Sales by Country (2021 VS 2025 VS 2032)
- 10.3.3 Europe Electric Winches Price by Country (2021-2032)
- 10.3.4 Germany
- 10.3.5 France
- 10.3.6 U.K.
- 10.3.7 Italy
- 10.3.8 Russia
- 10.3.9 Spain
- 10.3.10 Netherlands
- 10.3.11 Switzerland
- 10.3.12 Sweden
11 China
- 11.1 China Electric Winches Market Size by Type
- 11.1.1 China Electric Winches Revenue by Type (2021-2032)
- 11.1.2 China Electric Winches Sales by Type (2021-2032)
- 11.1.3 China Electric Winches Price by Type (2021-2032)
- 11.2 China Electric Winches Market Size by Application
- 11.2.1 China Electric Winches Revenue by Application (2021-2032)
- 11.2.2 China Electric Winches Sales by Application (2021-2032)
- 11.2.3 China Electric Winches Price by Application (2021-2032)
12 Asia (Excluding China)
- 12.1 Asia Electric Winches Market Size by Type
- 12.1.1 Asia Electric Winches Revenue by Type (2021-2032)
- 12.1.2 Asia Electric Winches Sales by Type (2021-2032)
- 12.1.3 Asia Electric Winches Price by Type (2021-2032)
- 12.2 Asia Electric Winches Market Size by Application
- 12.2.1 Asia Electric Winches Revenue by Application (2021-2032)
- 12.2.2 Asia Electric Winches Sales by Application (2021-2032)
- 12.2.3 Asia Electric Winches Price by Application (2021-2032)
- 12.3 Asia Electric Winches Market Size by Country
- 12.3.1 Asia Electric Winches Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
- 12.3.2 Asia Electric Winches Sales by Country (2021 VS 2025 VS 2032)
- 12.3.3 Asia Electric Winches Price by Country (2021-2032)
- 12.3.4 Japan
- 12.3.5 South Korea
- 12.3.6 India
- 12.3.7 Australia
- 12.3.8 Taiwan
- 12.3.9 Southeast Asia
13 South America, Middle East and Africa
- 13.1 SAMEA Electric Winches Market Size by Type
- 13.1.1 SAMEA Electric Winches Revenue by Type (2021-2032)
- 13.1.2 SAMEA Electric Winches Sales by Type (2021-2032)
- 13.1.3 SAMEA Electric Winches Price by Type (2021-2032)
- 13.2 SAMEA Electric Winches Market Size by Application
- 13.2.1 SAMEA Electric Winches Revenue by Application (2021-2032)
- 13.2.2 SAMEA Electric Winches Sales by Application (2021-2032)
- 13.2.3 SAMEA Electric Winches Price by Application (2021-2032)
- 13.3 SAMEA Electric Winches Market Size by Country
- 13.3.1 SAMEA Electric Winches Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
- 13.3.2 SAMEA Electric Winches Sales by Country (2021 VS 2025 VS 2032)
- 13.3.3 SAMEA Electric Winches Price by Country (2021-2032)
- 13.3.4 Brazil
- 13.3.5 Argentina
- 13.3.6 Chile
- 13.3.7 Colombia
- 13.3.8 Peru
- 13.3.9 Saudi Arabia
- 13.3.10 Israel
- 13.3.11 UAE
- 13.3.12 Turkey
- 13.3.13 Iran
- 13.3.14 Egypt
14 Value Chain and Sales Channels Analysis
- 14.1 Electric Winches Value Chain Analysis
- 14.1.1 Electric Winches Key Raw Materials
- 14.1.2 Raw Materials Key Suppliers
- 14.1.3 Manufacturing Cost Structure
- 14.1.4 Electric Winches Production Mode & Process
- 14.2 Electric Winches Sales Channels Analysis
- 14.2.1 Direct Comparison with Distribution Share
- 14.2.2 Electric Winches Distributors
- 14.2.3 Electric Winches Customers
15 Concluding Insights
16 Appendix
- 16.1 Reasons for Doing This Study
- 16.2 Research Methodology
- 16.3 Research Process
- 16.4 Authors List of This Report
- 16.5 Data Source
- 16.5.1 Secondary Sources
- 16.5.2 Primary Sources
- 16.6 Disclaimer
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