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Industry Research
Vehicle Grade MOSFET Chip Industry Research Report 2026
Market perspective
The global Vehicle Grade MOSFET Chip market was valued at US$ million in 2025 and is projected to reach US$ million by 2032, implying a CAGR of % over 2026–2032.
The North America market for Vehicle Grade MOSFET Chip is forecast to increase from US$ million in 2026 to US$ million by 2032, corresponding to a CAGR of % over 2026–2032.
The Europe market for Vehicle Grade MOSFET Chip is projected to rise from US$ million in 2026 to US$ million by 2032, registering a CAGR of % over 2026–2032.
Read the full market overview
The Asia Pacific market for Vehicle Grade MOSFET Chip is expected to grow from US$ million in 2026 to US$ million by 2032, at a CAGR of % over 2026–2032.
Leading global manufacturers of Vehicle Grade MOSFET Chip include , among others. In 2025, the top three vendors together accounted for approximately % of global revenue.
Report Scope
This report quantifies the global Vehicle Grade MOSFET Chip market in revenue (US$ million) and, where applicable, sales volume (k units), using 2025 as the base year and providing annual historical and forecast data for 2021–2032.
It standardizes definitions of types and applications, harmonizes vendor attribution, and presents comparable time series by company, type, application, and region/country, including indicative price bands (US$/k units) and concentration ratios (CR5/CR10).
The outputs are intended to support strategy development, budgeting, and performance benchmarking for manufacturers, new entrants, channel partners, and investors; the report also reviews technology shifts and notable product introductions relevant to Vehicle Grade MOSFET Chip.
Key Companies & Market Share Insights
This section profiles leading manufacturers, combining 2021–2025 results with a 2026–2032 outlook. It reports revenue, market share, price bands, product and application mix, regional and channel mix, and key developments (M&A, capacity additions, certifications). It also provides global revenue, average price, and—where applicable—sales volume by manufacturer, and calculates CR5/CR10 and rank changes to support comparative benchmarking.
Vehicle Grade MOSFET Chip Market by Company
Infineon Technologies
ON Semiconductor
Toshiba
STMicroelectronics
Renesas Electronics
Fuji Electric
Vishay
Mitsubishi Electric
Semikron
Nexperia
DENSO
Valeo
Delphi Auto Parts
ROHM Semiconductor
Sanken
Bosch
China Resources Microelectronics
Starpower
CRRC Corporation Limited
BYD
Silan Microelectronics
Vehicle Grade MOSFET Chip Segment by Type
Through-hole Type
Surface Mount Type
Others
Vehicle Grade MOSFET Chip Segment by Application
Blade Electric Vehicles
Hybrid Electric Vehicles
Vehicle Grade MOSFET Chip 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
Colombia
Middle East & Africa
Egypt
South Africa
Israel
Türkiye
GCC Countries
Key Drivers & Barriers
High-impact rendering factors and drivers have been studied in this report to aid the readers to understand the general development. Moreover, the report includes restraints and challenges that may act as stumbling blocks on the way of the players. This will assist the users to be attentive and make informed decisions related to business. Specialists have also laid their focus on the upcoming business prospects.
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 Vehicle Grade MOSFET Chip 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 Vehicle Grade MOSFET Chip 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 Vehicle Grade MOSFET Chip.
7. This report helps stakeholders to identify some of the key players in the market and understand their valuable contribution.
Chapter Outline
Chapter 1: Research objectives, research methods, data sources, data cross-validation;
Chapter 2: Introduces the report scope of the report, executive summary of different market segments (by region, product type, 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 3: Detailed analysis of Vehicle Grade MOSFET Chip manufacturers competitive landscape, price, production and value market share, latest development plan, merger, and acquisition information, etc.
Chapter 4: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product production/output, value, price, gross margin, product introduction, recent development, etc.
Chapter 5: Production/output, value of Vehicle Grade MOSFET Chip by region/country. It provides a quantitative analysis of the market size and development potential of each region in the next six years.
Chapter 6: Consumption of Vehicle Grade MOSFET Chip in 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, and production of each country in the world.
Chapter 7: Provides the analysis of various market segments by type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 8: Provides the analysis of various market segments by application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 9: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 10: 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 11: The main points and conclusions of the report.
More report detail
Tables and figures
Scope & coverage.
Types
- Through-hole Type
- Surface Mount Type
- Others
Applications
- Blade Electric Vehicles
- Hybrid Electric Vehicles
Companies covered
- Infineon Technologies
- ON Semiconductor
- Toshiba
- STMicroelectronics
- Renesas Electronics
- Fuji Electric
- Vishay
- Mitsubishi Electric
- Semikron
- Nexperia
- DENSO
- Valeo
- Delphi Auto Parts
- ROHM Semiconductor
- Sanken
- Bosch
- China Resources Microelectronics
- Starpower
- CRRC Corporation Limited
- BYD
- Silan Microelectronics
Inside the report.
1 Preface
- 1.1 Scope of Report
- 1.2 Reasons for Doing This Study
- 1.3 Research Methodology
- 1.4 Research Process
- 1.5 Data Source
- 1.5.1 Secondary Sources
- 1.5.2 Primary Sources
2 Market Overview
- 2.1 Product Definition
- 2.2 Vehicle Grade MOSFET Chip by Type
- 2.2.1 Market Value Comparison by Type (2021 VS 2025 VS 2032) & (US$ Million)
- 2.2.2 Through-hole Type
- 2.2.3 Surface Mount Type
- 2.2.4 Others
- 2.3 Vehicle Grade MOSFET Chip by Application
- 2.3.1 Market Value Comparison by Application (2021 VS 2025 VS 2032) & (US$ Million)
- 2.3.2 Blade Electric Vehicles
- 2.3.3 Hybrid Electric Vehicles
- 2.4 Global Market Growth Prospects
- 2.4.1 Global Vehicle Grade MOSFET Chip Production Value Estimates and Forecasts (2021-2032)
- 2.4.2 Global Vehicle Grade MOSFET Chip Production Capacity Estimates and Forecasts (2021-2032)
- 2.4.3 Global Vehicle Grade MOSFET Chip Production Estimates and Forecasts (2021-2032)
- 2.4.4 Global Vehicle Grade MOSFET Chip Market Average Price (2021-2032)
3 Market Competitive Landscape by Manufacturers
- 3.1 Global Vehicle Grade MOSFET Chip Production by Manufacturers (2021-2026)
- 3.2 Global Vehicle Grade MOSFET Chip Production Value by Manufacturers (2021-2026)
- 3.3 Global Vehicle Grade MOSFET Chip Average Price by Manufacturers (2021-2026)
- 3.4 Global Vehicle Grade MOSFET Chip Industry Manufacturers Ranking, 2024 VS 2025 VS 2026
- 3.5 Global Vehicle Grade MOSFET Chip Key Manufacturers, Manufacturing Sites & Headquarters
- 3.6 Global Vehicle Grade MOSFET Chip Manufacturers, Product Type & Application
- 3.7 Global Vehicle Grade MOSFET Chip Manufacturers Established Date
- 3.8 Global Vehicle Grade MOSFET Chip Market CR5 and HHI
- 3.9 Global Manufacturers Mergers & Acquisition
4 Manufacturers Profiled
- 4.1 Infineon Technologies
- 4.1.1 Infineon Technologies Vehicle Grade MOSFET Chip Company Information
- 4.1.2 Infineon Technologies Vehicle Grade MOSFET Chip Business Overview
- 4.1.3 Infineon Technologies Vehicle Grade MOSFET Chip Production, Value and Gross Margin (2021-2026)
- 4.1.4 Infineon Technologies Product Portfolio
- 4.1.5 Infineon Technologies Recent Developments
- 4.2 ON Semiconductor
- 4.2.1 ON Semiconductor Vehicle Grade MOSFET Chip Company Information
- 4.2.2 ON Semiconductor Vehicle Grade MOSFET Chip Business Overview
- 4.2.3 ON Semiconductor Vehicle Grade MOSFET Chip Production, Value and Gross Margin (2021-2026)
- 4.2.4 ON Semiconductor Product Portfolio
- 4.2.5 ON Semiconductor Recent Developments
- 4.3 Toshiba
- 4.3.1 Toshiba Vehicle Grade MOSFET Chip Company Information
- 4.3.2 Toshiba Vehicle Grade MOSFET Chip Business Overview
- 4.3.3 Toshiba Vehicle Grade MOSFET Chip Production, Value and Gross Margin (2021-2026)
- 4.3.4 Toshiba Product Portfolio
- 4.3.5 Toshiba Recent Developments
- 4.4 STMicroelectronics
- 4.4.1 STMicroelectronics Vehicle Grade MOSFET Chip Company Information
- 4.4.2 STMicroelectronics Vehicle Grade MOSFET Chip Business Overview
- 4.4.3 STMicroelectronics Vehicle Grade MOSFET Chip Production, Value and Gross Margin (2021-2026)
- 4.4.4 STMicroelectronics Product Portfolio
- 4.4.5 STMicroelectronics Recent Developments
- 4.5 Renesas Electronics
- 4.5.1 Renesas Electronics Vehicle Grade MOSFET Chip Company Information
- 4.5.2 Renesas Electronics Vehicle Grade MOSFET Chip Business Overview
- 4.5.3 Renesas Electronics Vehicle Grade MOSFET Chip Production, Value and Gross Margin (2021-2026)
- 4.5.4 Renesas Electronics Product Portfolio
- 4.5.5 Renesas Electronics Recent Developments
- 4.6 Fuji Electric
- 4.6.1 Fuji Electric Vehicle Grade MOSFET Chip Company Information
- 4.6.2 Fuji Electric Vehicle Grade MOSFET Chip Business Overview
- 4.6.3 Fuji Electric Vehicle Grade MOSFET Chip Production, Value and Gross Margin (2021-2026)
- 4.6.4 Fuji Electric Product Portfolio
- 4.6.5 Fuji Electric Recent Developments
- 4.7 Vishay
- 4.7.1 Vishay Vehicle Grade MOSFET Chip Company Information
- 4.7.2 Vishay Vehicle Grade MOSFET Chip Business Overview
- 4.7.3 Vishay Vehicle Grade MOSFET Chip Production, Value and Gross Margin (2021-2026)
- 4.7.4 Vishay Product Portfolio
- 4.7.5 Vishay Recent Developments
- 4.8 Mitsubishi Electric
- 4.8.1 Mitsubishi Electric Vehicle Grade MOSFET Chip Company Information
- 4.8.2 Mitsubishi Electric Vehicle Grade MOSFET Chip Business Overview
- 4.8.3 Mitsubishi Electric Vehicle Grade MOSFET Chip Production, Value and Gross Margin (2021-2026)
- 4.8.4 Mitsubishi Electric Product Portfolio
- 4.8.5 Mitsubishi Electric Recent Developments
- 4.9 Semikron
- 4.9.1 Semikron Vehicle Grade MOSFET Chip Company Information
- 4.9.2 Semikron Vehicle Grade MOSFET Chip Business Overview
- 4.9.3 Semikron Vehicle Grade MOSFET Chip Production, Value and Gross Margin (2021-2026)
- 4.9.4 Semikron Product Portfolio
- 4.9.5 Semikron Recent Developments
- 4.10 Nexperia
- 4.10.1 Nexperia Vehicle Grade MOSFET Chip Company Information
- 4.10.2 Nexperia Vehicle Grade MOSFET Chip Business Overview
- 4.10.3 Nexperia Vehicle Grade MOSFET Chip Production, Value and Gross Margin (2021-2026)
- 4.10.4 Nexperia Product Portfolio
- 4.10.5 Nexperia Recent Developments
- 4.11 DENSO
- 4.11.1 DENSO Vehicle Grade MOSFET Chip Company Information
- 4.11.2 DENSO Vehicle Grade MOSFET Chip Business Overview
- 4.11.3 DENSO Vehicle Grade MOSFET Chip Production, Value and Gross Margin (2021-2026)
- 4.11.4 DENSO Product Portfolio
- 4.11.5 DENSO Recent Developments
- 4.12 Valeo
- 4.12.1 Valeo Vehicle Grade MOSFET Chip Company Information
- 4.12.2 Valeo Vehicle Grade MOSFET Chip Business Overview
- 4.12.3 Valeo Vehicle Grade MOSFET Chip Production, Value and Gross Margin (2021-2026)
- 4.12.4 Valeo Product Portfolio
- 4.12.5 Valeo Recent Developments
- 4.13 Delphi Auto Parts
- 4.13.1 Delphi Auto Parts Vehicle Grade MOSFET Chip Company Information
- 4.13.2 Delphi Auto Parts Vehicle Grade MOSFET Chip Business Overview
- 4.13.3 Delphi Auto Parts Vehicle Grade MOSFET Chip Production, Value and Gross Margin (2021-2026)
- 4.13.4 Delphi Auto Parts Product Portfolio
- 4.13.5 Delphi Auto Parts Recent Developments
- 4.14 ROHM Semiconductor
- 4.14.1 ROHM Semiconductor Vehicle Grade MOSFET Chip Company Information
- 4.14.2 ROHM Semiconductor Vehicle Grade MOSFET Chip Business Overview
- 4.14.3 ROHM Semiconductor Vehicle Grade MOSFET Chip Production, Value and Gross Margin (2021-2026)
- 4.14.4 ROHM Semiconductor Product Portfolio
- 4.14.5 ROHM Semiconductor Recent Developments
- 4.15 Sanken
- 4.15.1 Sanken Vehicle Grade MOSFET Chip Company Information
- 4.15.2 Sanken Vehicle Grade MOSFET Chip Business Overview
- 4.15.3 Sanken Vehicle Grade MOSFET Chip Production, Value and Gross Margin (2021-2026)
- 4.15.4 Sanken Product Portfolio
- 4.15.5 Sanken Recent Developments
- 4.16 Bosch
- 4.16.1 Bosch Vehicle Grade MOSFET Chip Company Information
- 4.16.2 Bosch Vehicle Grade MOSFET Chip Business Overview
- 4.16.3 Bosch Vehicle Grade MOSFET Chip Production, Value and Gross Margin (2021-2026)
- 4.16.4 Bosch Product Portfolio
- 4.16.5 Bosch Recent Developments
- 4.17 China Resources Microelectronics
- 4.17.1 China Resources Microelectronics Vehicle Grade MOSFET Chip Company Information
- 4.17.2 China Resources Microelectronics Vehicle Grade MOSFET Chip Business Overview
- 4.17.3 China Resources Microelectronics Vehicle Grade MOSFET Chip Production, Value and Gross Margin (2021-2026)
- 4.17.4 China Resources Microelectronics Product Portfolio
- 4.17.5 China Resources Microelectronics Recent Developments
- 4.18 Starpower
- 4.18.1 Starpower Vehicle Grade MOSFET Chip Company Information
- 4.18.2 Starpower Vehicle Grade MOSFET Chip Business Overview
- 4.18.3 Starpower Vehicle Grade MOSFET Chip Production, Value and Gross Margin (2021-2026)
- 4.18.4 Starpower Product Portfolio
- 4.18.5 Starpower Recent Developments
- 4.19 CRRC Corporation Limited
- 4.19.1 CRRC Corporation Limited Vehicle Grade MOSFET Chip Company Information
- 4.19.2 CRRC Corporation Limited Vehicle Grade MOSFET Chip Business Overview
- 4.19.3 CRRC Corporation Limited Vehicle Grade MOSFET Chip Production, Value and Gross Margin (2021-2026)
- 4.19.4 CRRC Corporation Limited Product Portfolio
- 4.19.5 CRRC Corporation Limited Recent Developments
- 4.20 BYD
- 4.20.1 BYD Vehicle Grade MOSFET Chip Company Information
- 4.20.2 BYD Vehicle Grade MOSFET Chip Business Overview
- 4.20.3 BYD Vehicle Grade MOSFET Chip Production, Value and Gross Margin (2021-2026)
- 4.20.4 BYD Product Portfolio
- 4.20.5 BYD Recent Developments
- 4.21 Silan Microelectronics
- 4.21.1 Silan Microelectronics Vehicle Grade MOSFET Chip Company Information
- 4.21.2 Silan Microelectronics Vehicle Grade MOSFET Chip Business Overview
- 4.21.3 Silan Microelectronics Vehicle Grade MOSFET Chip Production, Value and Gross Margin (2021-2026)
- 4.21.4 Silan Microelectronics Product Portfolio
- 4.21.5 Silan Microelectronics Recent Developments
5 Global Vehicle Grade MOSFET Chip Production by Region
- 5.1 Global Vehicle Grade MOSFET Chip Production Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 5.2 Global Vehicle Grade MOSFET Chip Production by Region: 2021-2032
- 5.2.1 Global Vehicle Grade MOSFET Chip Production by Region: 2021-2026
- 5.2.2 Global Vehicle Grade MOSFET Chip Production Forecast by Region (2027-2032)
- 5.3 Global Vehicle Grade MOSFET Chip Production Value Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 5.4 Global Vehicle Grade MOSFET Chip Production Value by Region: 2021-2032
- 5.4.1 Global Vehicle Grade MOSFET Chip Production Value by Region: 2021-2026
- 5.4.2 Global Vehicle Grade MOSFET Chip Production Value Forecast by Region (2027-2032)
- 5.5 Global Vehicle Grade MOSFET Chip Market Price Analysis by Region (2021-2026)
- 5.6 Global Vehicle Grade MOSFET Chip Production and Value, YOY Growth
- 5.6.1 North America Vehicle Grade MOSFET Chip Production Value Estimates and Forecasts (2021-2032)
- 5.6.2 Europe Vehicle Grade MOSFET Chip Production Value Estimates and Forecasts (2021-2032)
- 5.6.3 China Vehicle Grade MOSFET Chip Production Value Estimates and Forecasts (2021-2032)
- 5.6.4 Japan Vehicle Grade MOSFET Chip Production Value Estimates and Forecasts (2021-2032)
- 5.6.5 South Korea Vehicle Grade MOSFET Chip Production Value Estimates and Forecasts (2021-2032)
6 Global Vehicle Grade MOSFET Chip Consumption by Region
- 6.1 Global Vehicle Grade MOSFET Chip Consumption Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 6.2 Global Vehicle Grade MOSFET Chip Consumption by Region (2021-2032)
- 6.2.1 Global Vehicle Grade MOSFET Chip Consumption by Region: 2021-2026
- 6.2.2 Global Vehicle Grade MOSFET Chip Forecasted Consumption by Region (2027-2032)
- 6.3 North America
- 6.3.1 North America Vehicle Grade MOSFET Chip Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.3.2 North America Vehicle Grade MOSFET Chip Consumption by Country (2021-2032)
- 6.3.3 United States
- 6.3.4 Canada
- 6.3.5 Mexico
- 6.4 Europe
- 6.4.1 Europe Vehicle Grade MOSFET Chip Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.4.2 Europe Vehicle Grade MOSFET Chip Consumption by Country (2021-2032)
- 6.4.3 Germany
- 6.4.4 France
- 6.4.5 U.K.
- 6.4.6 Italy
- 6.4.7 Russia
- 6.4.8 Spain
- 6.4.9 Netherlands
- 6.4.10 Switzerland
- 6.4.11 Sweden
- 6.4.12 Poland
- 6.5 Asia Pacific
- 6.5.1 Asia Pacific Vehicle Grade MOSFET Chip Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.5.2 Asia Pacific Vehicle Grade MOSFET Chip Consumption by Country (2021-2032)
- 6.5.3 China
- 6.5.4 Japan
- 6.5.5 South Korea
- 6.5.6 India
- 6.5.7 Australia
- 6.5.8 Taiwan
- 6.5.9 Southeast Asia
- 6.6 South America, Middle East & Africa
- 6.6.1 South America, Middle East & Africa Vehicle Grade MOSFET Chip Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.6.2 South America, Middle East & Africa Vehicle Grade MOSFET Chip Consumption by Country (2021-2032)
- 6.6.3 Brazil
- 6.6.4 Argentina
- 6.6.5 Chile
- 6.6.6 Turkey
- 6.6.7 GCC Countries
7 Segment by Type
- 7.1 Global Vehicle Grade MOSFET Chip Production by Type (2021-2032)
- 7.1.1 Global Vehicle Grade MOSFET Chip Production by Type (2021-2032) & (k units)
- 7.1.2 Global Vehicle Grade MOSFET Chip Production Market Share by Type (2021-2032)
- 7.2 Global Vehicle Grade MOSFET Chip Production Value by Type (2021-2032)
- 7.2.1 Global Vehicle Grade MOSFET Chip Production Value by Type (2021-2032) & (US$ Million)
- 7.2.2 Global Vehicle Grade MOSFET Chip Production Value Market Share by Type (2021-2032)
- 7.3 Global Vehicle Grade MOSFET Chip Price by Type (2021-2032)
8 Segment by Application
- 8.1 Global Vehicle Grade MOSFET Chip Production by Application (2021-2032)
- 8.1.1 Global Vehicle Grade MOSFET Chip Production by Application (2021-2032) & (k units)
- 8.1.2 Global Vehicle Grade MOSFET Chip Production Market Share by Application (2021-2032)
- 8.2 Global Vehicle Grade MOSFET Chip Production Value by Application (2021-2032)
- 8.2.1 Global Vehicle Grade MOSFET Chip Production Value by Application (2021-2032) & (US$ Million)
- 8.2.2 Global Vehicle Grade MOSFET Chip Production Value Market Share by Application (2021-2032)
- 8.3 Global Vehicle Grade MOSFET Chip Price by Application (2021-2032)
9 Value Chain and Sales Channels Analysis of the Market
- 9.1 Vehicle Grade MOSFET Chip Value Chain Analysis
- 9.1.1 Vehicle Grade MOSFET Chip Key Raw Materials
- 9.1.2 Raw Materials Key Suppliers
- 9.1.3 Vehicle Grade MOSFET Chip Production Mode & Process
- 9.2 Vehicle Grade MOSFET Chip Sales Channels Analysis
- 9.2.1 Direct Comparison with Distribution Share
- 9.2.2 Vehicle Grade MOSFET Chip Distributors
- 9.2.3 Vehicle Grade MOSFET Chip Customers
10 Global Vehicle Grade MOSFET Chip Analyzing Market Dynamics
- 10.1 Vehicle Grade MOSFET Chip Industry Trends
- 10.2 Vehicle Grade MOSFET Chip Industry Drivers
- 10.3 Vehicle Grade MOSFET Chip Industry Opportunities and Challenges
- 10.4 Vehicle Grade MOSFET Chip Industry Restraints
11 Report Conclusion
12 Disclaimer
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