Selected research
Market Analysis & Forecast
Global Axial Type Choke Inductors Market Analysis and Forecast 2026-2032
Market perspective
The global Axial Type Choke Inductors market is projected to grow from US$ million in 2026 to US$ million by 2032, at a Compound Annual Growth Rate (CAGR) of % during the forecast period.
Axial Type Choke Inductors's global sales reached XX (k units) with a value of US$ XX Million, marking an change of XX% compared to the previous year. This performance has positioned Zettler Magnetics as the global sales leader, a title it has maintained for several consecutive years. Notably, Zettler Magnetics's performance in primary markets is also remarkable. In the Chinese market, sales were XX (k units), a change of XX% from the previous year. In Europe, sales were XX (k units), showing a year-on-year of XX%. In the US, sales were XX (k units), a year-on-year change of XX%.
The major global manufacturers in the Axial Type Choke Inductors market include Zettler Magnetics, JW Miller Magnetics (Bourns), Vishay, TDK, Zonkas, Coilmaster, Guangzhou DYC Technology, Meisongbei and Getwell Electronics (Huizhou), etc. In 2025, the top three vendors accounted for approximately % of the revenue.
Read the full market overview
In terms of production side, this report researches the Axial Type Choke Inductors production, growth rate, market share by manufacturers and by region (region level and country level), from 2021 to 2026, and forecast to 2032.
In terms of consumption side, this report focuses on the sales of Axial Type Choke Inductors by region (region level and country level), by Company, by Type and by Application. from 2021 to 2026 and forecast to 2032.
This report presents an overview of global market for Axial Type Choke Inductors, 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.
This report researches the key producers of Axial Type Choke Inductors, also provides the consumption of main regions and countries. Of the upcoming market potential for Axial Type Choke Inductors, 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 Axial Type Choke Inductors sales, revenue, market share and industry ranking of main manufacturers, data from 2021 to 2026. Identification of the major stakeholders in the global Axial Type Choke Inductors 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 Axial Type Choke Inductors sales, projected growth trends, production technology, application and end-user industry.
Axial Type Choke Inductors Segment by Company
Zettler Magnetics
JW Miller Magnetics (Bourns)
Vishay
TDK
Zonkas
Coilmaster
Guangzhou DYC Technology
Meisongbei
Getwell Electronics (Huizhou)
Shenzhen Ckcoil
Axial Type Choke Inductors Segment by Type
Below 100KHZ
Equal or Above 100KHZ
Axial Type Choke Inductors Segment by Application
Consumer Electronics
Communication
Industrial
Automobile
Other
Axial Type Choke Inductors 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 Axial Type Choke Inductors 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 Axial Type Choke Inductors 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 Axial Type Choke Inductors.
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: Axial Type Choke Inductors 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 Axial Type Choke Inductors 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 Axial Type Choke Inductors 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, Axial Type Choke Inductors 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
- Below 100KHZ
- Equal or Above 100KHZ
Applications
- Consumer Electronics
- Communication
- Industrial
- Automobile
- Other
Companies covered
- Zettler Magnetics
- JW Miller Magnetics (Bourns)
- Vishay
- TDK
- Zonkas
- Coilmaster
- Guangzhou DYC Technology
- Meisongbei
- Getwell Electronics (Huizhou)
- Shenzhen Ckcoil
Inside the report.
1 Market Overview
- 1.1 Product Definition
- 1.2 Axial Type Choke Inductors Market by Type
- 1.2.1 Global Axial Type Choke Inductors Market Size by Type, 2021 VS 2025 VS 2032
- 1.2.2 Below 100KHZ
- 1.2.3 Equal or Above 100KHZ
- 1.3 Axial Type Choke Inductors Market by Application
- 1.3.1 Global Axial Type Choke Inductors Market Size by Application, 2021 VS 2025 VS 2032
- 1.3.2 Consumer Electronics
- 1.3.3 Communication
- 1.3.4 Industrial
- 1.3.5 Automobile
- 1.3.6 Other
- 1.4 Assumptions and Limitations
- 1.5 Study Goals and Objectives
2 Axial Type Choke Inductors Market Dynamics
- 2.1 Axial Type Choke Inductors Industry Trends
- 2.2 Axial Type Choke Inductors Industry Drivers
- 2.3 Axial Type Choke Inductors Industry Opportunities and Challenges
- 2.4 Axial Type Choke Inductors Industry Restraints
3 Global Axial Type Choke Inductors Production Overview
- 3.1 Global Axial Type Choke Inductors Production Capacity (2021-2032)
- 3.2 Global Axial Type Choke Inductors Production by Region: 2021 VS 2025 VS 2032
- 3.3 Global Axial Type Choke Inductors Production by Region
- 3.3.1 Global Axial Type Choke Inductors Production by Region (2021-2026)
- 3.3.2 Global Axial Type Choke Inductors Production by Region (2027-2032)
- 3.3.3 Global Axial Type Choke Inductors Production Market Share by Region (2021-2032)
- 3.4 North America
- 3.5 Europe
- 3.6 China
- 3.7 Japan
- 3.8 South Korea
4 Global Market Growth Prospects
- 4.1 Global Axial Type Choke Inductors Revenue Estimates and Forecasts (2021-2032)
- 4.2 Global Axial Type Choke Inductors Revenue by Region
- 4.2.1 Global Axial Type Choke Inductors Revenue by Region: 2021 VS 2025 VS 2032
- 4.2.2 Global Axial Type Choke Inductors Revenue by Region (2021-2026)
- 4.2.3 Global Axial Type Choke Inductors Revenue by Region (2027-2032)
- 4.2.4 Global Axial Type Choke Inductors Revenue Market Share by Region (2021-2032)
- 4.3 Global Axial Type Choke Inductors Sales Estimates and Forecasts 2021-2032
- 4.4 Global Axial Type Choke Inductors Sales by Region
- 4.4.1 Global Axial Type Choke Inductors Sales by Region: 2021 VS 2025 VS 2032
- 4.4.2 Global Axial Type Choke Inductors Sales by Region (2021-2026)
- 4.4.3 Global Axial Type Choke Inductors Sales by Region (2027-2032)
- 4.4.4 Global Axial Type Choke Inductors 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 Axial Type Choke Inductors Revenue by Manufacturers
- 5.1.1 Global Axial Type Choke Inductors Revenue by Manufacturers (2021-2026)
- 5.1.2 Global Axial Type Choke Inductors Revenue Market Share by Manufacturers (2021-2026)
- 5.1.3 Global Axial Type Choke Inductors Manufacturers Revenue Share Top 10 and Top 5 in 2025
- 5.2 Global Axial Type Choke Inductors Sales by Manufacturers
- 5.2.1 Global Axial Type Choke Inductors Sales by Manufacturers (2021-2026)
- 5.2.2 Global Axial Type Choke Inductors Sales Market Share by Manufacturers (2021-2026)
- 5.2.3 Global Axial Type Choke Inductors Manufacturers Sales Share Top 10 and Top 5 in 2025
- 5.3 Global Axial Type Choke Inductors Sales Price by Manufacturers (2021-2026)
- 5.4 Global Axial Type Choke Inductors Key Manufacturers Ranking, 2024 VS 2025 VS 2026
- 5.5 Global Axial Type Choke Inductors Key Manufacturers Manufacturing Sites & Headquarters
- 5.6 Global Axial Type Choke Inductors Manufacturers, Product Type & Application
- 5.7 Global Axial Type Choke Inductors Manufacturers Commercialization Time
- 5.8 Market Competitive Analysis
- 5.8.1 Global Axial Type Choke Inductors Market CR5 and HHI
- 5.8.2 2025 Axial Type Choke Inductors Tier 1, Tier 2, and Tier 3
6 Axial Type Choke Inductors Market by Type
- 6.1 Global Axial Type Choke Inductors Revenue by Type
- 6.1.1 Global Axial Type Choke Inductors Revenue by Type (2021-2032) & (US$ Million)
- 6.1.2 Global Axial Type Choke Inductors Revenue Market Share by Type (2021-2032)
- 6.2 Global Axial Type Choke Inductors Sales by Type
- 6.2.1 Global Axial Type Choke Inductors Sales by Type (2021-2032) & (k units)
- 6.2.2 Global Axial Type Choke Inductors Sales Market Share by Type (2021-2032)
- 6.3 Global Axial Type Choke Inductors Price by Type
7 Axial Type Choke Inductors Market by Application
- 7.1 Global Axial Type Choke Inductors Revenue by Application
- 7.1.1 Global Axial Type Choke Inductors Revenue by Application (2021-2032) & (US$ Million)
- 7.1.2 Global Axial Type Choke Inductors Revenue Market Share by Application (2021-2032)
- 7.2 Global Axial Type Choke Inductors Sales by Application
- 7.2.1 Global Axial Type Choke Inductors Sales by Application (2021-2032) & (k units)
- 7.2.2 Global Axial Type Choke Inductors Sales Market Share by Application (2021-2032)
- 7.3 Global Axial Type Choke Inductors Price by Application
8 Company Profiles
- 8.1 Zettler Magnetics
- 8.1.1 Zettler Magnetics Company Information
- 8.1.2 Zettler Magnetics Business Overview
- 8.1.3 Zettler Magnetics Axial Type Choke Inductors Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.1.4 Zettler Magnetics Axial Type Choke Inductors Product Portfolio
- 8.1.5 Zettler Magnetics Recent Developments
- 8.2 JW Miller Magnetics (Bourns)
- 8.2.1 JW Miller Magnetics (Bourns) Company Information
- 8.2.2 JW Miller Magnetics (Bourns) Business Overview
- 8.2.3 JW Miller Magnetics (Bourns) Axial Type Choke Inductors Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.2.4 JW Miller Magnetics (Bourns) Axial Type Choke Inductors Product Portfolio
- 8.2.5 JW Miller Magnetics (Bourns) Recent Developments
- 8.3 Vishay
- 8.3.1 Vishay Company Information
- 8.3.2 Vishay Business Overview
- 8.3.3 Vishay Axial Type Choke Inductors Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.3.4 Vishay Axial Type Choke Inductors Product Portfolio
- 8.3.5 Vishay Recent Developments
- 8.4 TDK
- 8.4.1 TDK Company Information
- 8.4.2 TDK Business Overview
- 8.4.3 TDK Axial Type Choke Inductors Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.4.4 TDK Axial Type Choke Inductors Product Portfolio
- 8.4.5 TDK Recent Developments
- 8.5 Zonkas
- 8.5.1 Zonkas Company Information
- 8.5.2 Zonkas Business Overview
- 8.5.3 Zonkas Axial Type Choke Inductors Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.5.4 Zonkas Axial Type Choke Inductors Product Portfolio
- 8.5.5 Zonkas Recent Developments
- 8.6 Coilmaster
- 8.6.1 Coilmaster Company Information
- 8.6.2 Coilmaster Business Overview
- 8.6.3 Coilmaster Axial Type Choke Inductors Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.6.4 Coilmaster Axial Type Choke Inductors Product Portfolio
- 8.6.5 Coilmaster Recent Developments
- 8.7 Guangzhou DYC Technology
- 8.7.1 Guangzhou DYC Technology Company Information
- 8.7.2 Guangzhou DYC Technology Business Overview
- 8.7.3 Guangzhou DYC Technology Axial Type Choke Inductors Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.7.4 Guangzhou DYC Technology Axial Type Choke Inductors Product Portfolio
- 8.7.5 Guangzhou DYC Technology Recent Developments
- 8.8 Meisongbei
- 8.8.1 Meisongbei Company Information
- 8.8.2 Meisongbei Business Overview
- 8.8.3 Meisongbei Axial Type Choke Inductors Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.8.4 Meisongbei Axial Type Choke Inductors Product Portfolio
- 8.8.5 Meisongbei Recent Developments
- 8.9 Getwell Electronics (Huizhou)
- 8.9.1 Getwell Electronics (Huizhou) Company Information
- 8.9.2 Getwell Electronics (Huizhou) Business Overview
- 8.9.3 Getwell Electronics (Huizhou) Axial Type Choke Inductors Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.9.4 Getwell Electronics (Huizhou) Axial Type Choke Inductors Product Portfolio
- 8.9.5 Getwell Electronics (Huizhou) Recent Developments
- 8.10 Shenzhen Ckcoil
- 8.10.1 Shenzhen Ckcoil Company Information
- 8.10.2 Shenzhen Ckcoil Business Overview
- 8.10.3 Shenzhen Ckcoil Axial Type Choke Inductors Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.10.4 Shenzhen Ckcoil Axial Type Choke Inductors Product Portfolio
- 8.10.5 Shenzhen Ckcoil Recent Developments
9 North America
- 9.1 North America Axial Type Choke Inductors Market Size by Type
- 9.1.1 North America Axial Type Choke Inductors Revenue by Type (2021-2032)
- 9.1.2 North America Axial Type Choke Inductors Sales by Type (2021-2032)
- 9.1.3 North America Axial Type Choke Inductors Price by Type (2021-2032)
- 9.2 North America Axial Type Choke Inductors Market Size by Application
- 9.2.1 North America Axial Type Choke Inductors Revenue by Application (2021-2032)
- 9.2.2 North America Axial Type Choke Inductors Sales by Application (2021-2032)
- 9.2.3 North America Axial Type Choke Inductors Price by Application (2021-2032)
- 9.3 North America Axial Type Choke Inductors Market Size by Country
- 9.3.1 North America Axial Type Choke Inductors Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
- 9.3.2 North America Axial Type Choke Inductors Sales by Country (2021 VS 2025 VS 2032)
- 9.3.3 North America Axial Type Choke Inductors Price by Country (2021-2032)
- 9.3.4 United States
- 9.3.5 Canada
- 9.3.6 Mexico
10 Europe
- 10.1 Europe Axial Type Choke Inductors Market Size by Type
- 10.1.1 Europe Axial Type Choke Inductors Revenue by Type (2021-2032)
- 10.1.2 Europe Axial Type Choke Inductors Sales by Type (2021-2032)
- 10.1.3 Europe Axial Type Choke Inductors Price by Type (2021-2032)
- 10.2 Europe Axial Type Choke Inductors Market Size by Application
- 10.2.1 Europe Axial Type Choke Inductors Revenue by Application (2021-2032)
- 10.2.2 Europe Axial Type Choke Inductors Sales by Application (2021-2032)
- 10.2.3 Europe Axial Type Choke Inductors Price by Application (2021-2032)
- 10.3 Europe Axial Type Choke Inductors Market Size by Country
- 10.3.1 Europe Axial Type Choke Inductors Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
- 10.3.2 Europe Axial Type Choke Inductors Sales by Country (2021 VS 2025 VS 2032)
- 10.3.3 Europe Axial Type Choke Inductors 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 Axial Type Choke Inductors Market Size by Type
- 11.1.1 China Axial Type Choke Inductors Revenue by Type (2021-2032)
- 11.1.2 China Axial Type Choke Inductors Sales by Type (2021-2032)
- 11.1.3 China Axial Type Choke Inductors Price by Type (2021-2032)
- 11.2 China Axial Type Choke Inductors Market Size by Application
- 11.2.1 China Axial Type Choke Inductors Revenue by Application (2021-2032)
- 11.2.2 China Axial Type Choke Inductors Sales by Application (2021-2032)
- 11.2.3 China Axial Type Choke Inductors Price by Application (2021-2032)
12 Asia (Excluding China)
- 12.1 Asia Axial Type Choke Inductors Market Size by Type
- 12.1.1 Asia Axial Type Choke Inductors Revenue by Type (2021-2032)
- 12.1.2 Asia Axial Type Choke Inductors Sales by Type (2021-2032)
- 12.1.3 Asia Axial Type Choke Inductors Price by Type (2021-2032)
- 12.2 Asia Axial Type Choke Inductors Market Size by Application
- 12.2.1 Asia Axial Type Choke Inductors Revenue by Application (2021-2032)
- 12.2.2 Asia Axial Type Choke Inductors Sales by Application (2021-2032)
- 12.2.3 Asia Axial Type Choke Inductors Price by Application (2021-2032)
- 12.3 Asia Axial Type Choke Inductors Market Size by Country
- 12.3.1 Asia Axial Type Choke Inductors Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
- 12.3.2 Asia Axial Type Choke Inductors Sales by Country (2021 VS 2025 VS 2032)
- 12.3.3 Asia Axial Type Choke Inductors 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 Axial Type Choke Inductors Market Size by Type
- 13.1.1 SAMEA Axial Type Choke Inductors Revenue by Type (2021-2032)
- 13.1.2 SAMEA Axial Type Choke Inductors Sales by Type (2021-2032)
- 13.1.3 SAMEA Axial Type Choke Inductors Price by Type (2021-2032)
- 13.2 SAMEA Axial Type Choke Inductors Market Size by Application
- 13.2.1 SAMEA Axial Type Choke Inductors Revenue by Application (2021-2032)
- 13.2.2 SAMEA Axial Type Choke Inductors Sales by Application (2021-2032)
- 13.2.3 SAMEA Axial Type Choke Inductors Price by Application (2021-2032)
- 13.3 SAMEA Axial Type Choke Inductors Market Size by Country
- 13.3.1 SAMEA Axial Type Choke Inductors Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
- 13.3.2 SAMEA Axial Type Choke Inductors Sales by Country (2021 VS 2025 VS 2032)
- 13.3.3 SAMEA Axial Type Choke Inductors 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 Axial Type Choke Inductors Value Chain Analysis
- 14.1.1 Axial Type Choke Inductors Key Raw Materials
- 14.1.2 Raw Materials Key Suppliers
- 14.1.3 Manufacturing Cost Structure
- 14.1.4 Axial Type Choke Inductors Production Mode & Process
- 14.2 Axial Type Choke Inductors Sales Channels Analysis
- 14.2.1 Direct Comparison with Distribution Share
- 14.2.2 Axial Type Choke Inductors Distributors
- 14.2.3 Axial Type Choke Inductors 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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