查看购物车
  • Traditional Chinese
  • English
  • Japanese
  • Korean
封面
市场调查报告书
商品编码
1961205

乘用车齿轮市场－全球产业规模、份额、趋势、机会、预测：按位置、材料、应用、地区和竞争格局划分，2021-2031年

Passenger Car Gear Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Position, By Material, By Application, By Region & Competition, 2021-2031F
出版日期: | 出版商: TechSci Research | 英文 180 Pages | 商品交期: 2-3个工作天内

价格

We offer 8 hour analyst time for an additional research. Please contact us for the details.

简介目录

全球乘用车齿轮市场预计将从 2025 年的 58.3 亿美元成长到 2031 年的 81.1 亿美元，复合年增长率为 5.66%。

该行业涵盖车辆传动系统中用于速度控制和扭矩传递的关键机械部件。成长的主要驱动力是全球汽车产量的復苏以及对旨在提高燃油效率的先进传动系统日益增长的需求。根据国际汽车製造商联合会的数据，预计到2024年，全球汽车产量将达到9,250万辆，这将为变速箱总成及其关键齿轮部件的需求奠定坚实的基础。

市场概览
预测期 2027-2031
市场规模：2025年 58.3亿美元
市场规模：2031年 81.1亿美元
复合年增长率：2026-2031年 5.66%
成长最快的细分市场 动力传动系统
最大的市场 北美洲

然而，随着动力传动系统日益电气化，电动车产业面临严峻的挑战。与依赖多速变速箱的内燃机不同，电动车主要采用简单的单速减速齿轮箱，这种设计选择从根本上减少了每辆车所需的齿轮数量。这种结构性转变迫使製造商重新思考其生产策略，优先考虑数量更少、精度更高的零件，这对于降低电动装置的噪音至关重要。这为市场的可持续成长带来了巨大的财务和营运障碍。

市场驱动因素

全球乘用车产量和销售量的成长是齿轮市场的主要驱动力。随着汽车製造商加快回应疫情后復苏需求和新兴市场需求，变速箱总成及其内部齿轮的需求也同步成长。这一成长趋势在亚洲市场尤为显着，该地区的高产量为零零件供应商的订单提供了强劲支撑。例如，中国汽车工业协会（CAAM）在2025年1月发布的数据显示，2024年国内汽车累计产量将达到3,128万辆，这数字与齿轮采购量的成长直接相关。

此外，电动车 (EV) 和混合动力汽车(HV)动力传动系统的快速普及正在从根本上改变齿轮价值炼和规格。虽然纯电动车的檔位较少，但混合动力汽车的蓬勃发展却维持了对复杂多速变速箱的需求。同时，电动驱动单元需要高精度齿轮来降低高速行驶时的噪音、振动和衝击 (NVH)。这种发展趋势正促使供应商转向更高附加价值的零件。 2025 年 5 月，国际能源总署 (IEA) 预测，全球电动车年销量将超过 2,000 万辆。为了反映这一趋势，《组装》杂誌在 2025 年 11 月报道称，丰田汽车已决定投资 9.12 亿美元，以加强其美国工厂的混合动力电动车组装和先进动力传动系统製造能力。

市场挑战

动力传动系统向电气化的转型对全球乘用车齿轮市场的扩张构成了结构性障碍。内燃机汽车采用多速变速箱和多组齿轮来控制速度和扭矩，而电动车通常使用单速减速齿轮箱。这种技术差异显着减少了每辆车所需的齿轮数量，从而降低了整车製造商所需的零件总数。因此，儘管汽车生产​​总体呈现復苏趋势，但由于每辆车零件数量的减少，齿轮供应商的获利能力受到限制。

零件产量下降的趋势在主要製造地尤为显着，导致对复杂齿轮组件的需求大幅下滑。随着电动车市场份额的扩大，传统传动齿轮的潜在市场规模已大幅缩减。根据中国汽车工业协会数据显示，到2024年，新能源汽车销量将超过1,200万辆。在全球最大的汽车市场—中国，简化型电动驱动系统的普及凸显了内燃机转型如何直接限制了传统齿轮製造商的成长机会。

市场趋势

整合式电力驱动桥（e-Axle）齿轮系统的兴起代表传动系统架构的根本性转变。它将变速器、电力电子设备和马达整合到一个紧凑的单元中，从而优化了效率和功率密度。这种整合需要高精度螺旋齿轮，既能承受高输入速度，又能缩小整体尺寸，迫使供应商调整生产线以适应这些复杂的三合一系统。这种结构性变革正在推动对先进製造技术的巨额投资；例如，在2025年1月的新闻稿中，Linamar宣布计划投资约11亿美元用于扩大下一代移动出行技术的产能，其中包括专用电力驱动桥和混合动力推进系统。

同时，为解决静音电动车车厢内的噪音、振动和不平顺性 (NVH) 问题，轻量化复合材料和混合齿轮材料的应用正在加速。以高性能工程热塑性塑胶（例如聚醚醚酮 (PEEK)）取代传统金属齿轮，可显着降低零件重量和运行噪音，从而提升乘客舒适度并延长车辆续航里程。这种材料变革在主要聚合物供应商的财务表现中得到了清晰的体现。威格斯公司于 2025 年 1 月发布的 2024 财年年度报告显示，其汽车行业的销量增长了 5%，这一增长趋势与电动汽车平台对轻量化聚合物解决方案的日益广泛应用直接相关。

目录

第一章概述

第二章：调查方法

第三章执行摘要

第四章：客户心声

第五章：全球乘用车齿轮市场展望

  • 市场规模及预测
    • 按金额
  • 市占率及预测
    • 依位置分类（斜轴齿轮、交叉轴齿轮、平行轴齿轮）
    • 依材质（黑色金属、非铁金属、其他）
    • 依应用领域（转向系统、传动系统、差速器）
    • 按地区
    • 按公司（2025 年）
  • 市场地图

第六章：北美乘用车齿轮市场展望

  • 市场规模及预测
  • 市占率及预测
  • 北美洲：国别分析
    • 我们
    • 加拿大
    • 墨西哥

第七章：欧洲乘用车变速箱市场展望

  • 市场规模及预测
  • 市占率及预测
  • 欧洲：国别分析
    • 德国
    • 法国
    • 英国
    • 义大利
    • 西班牙

第八章：亚太地区乘用车齿轮市场展望

  • 市场规模及预测
  • 市占率及预测
  • 亚太地区：国别分析
    • 中国
    • 印度
    • 日本
    • 韩国
    • 澳洲

第九章：中东与非洲乘用车齿轮市场展望

  • 市场规模及预测
  • 市占率及预测
  • 中东与非洲：国别分析
    • 沙乌地阿拉伯
    • 阿拉伯聯合大公国
    • 南非

第十章：南美洲乘用车齿轮市场展望

  • 市场规模及预测
  • 市占率及预测
  • 南美洲：国别分析
    • 巴西
    • 哥伦比亚
    • 阿根廷

第十一章 市场动态

  • 促进因素
  • 任务

第十二章 市场趋势与发展

  • 併购
  • 产品发布
  • 近期趋势

第十三章：全球乘用车齿轮市场：SWOT分析

第十四章：波特五力分析

  • 产业竞争
  • 新进入者的潜力
  • 供应商的议价能力
  • 顾客权力
  • 替代品的威胁

第十五章 竞争格局

  • American Axle & Manufacturing Inc.
  • BorgWarner Inc.
  • Bharat Gears Ltd
  • The Timken Company
  • Dynamatic Technologies Limited
  • Franz Morat Holding GmbH & Co. KG
  • GKN Automotive Limited
  • Gleason Corporation
  • IMS Gear SE & Co. KGaA
  • ZF Friedrichshafen AG

第十六章 策略建议

第十七章：关于研究公司及免责声明

简介目录
Product Code: 22028

The Global Passenger Car Gear Market is projected to expand from USD 5.83 billion in 2025 to USD 8.11 billion by 2031, reflecting a compound annual growth rate of 5.66%. This sector consists of mechanical components critical for speed regulation and torque transmission within vehicle drivetrains. Growth is primarily supported by the resuscitation of global automotive manufacturing rates and an increased demand for sophisticated transmission systems designed to improve fuel efficiency. Data from the International Organization of Motor Vehicle Manufacturers indicates that global motor vehicle output hit 92.5 million units in 2024, establishing a solid foundation of demand for transmission assemblies and their essential gear components.

Market Overview
Forecast Period2027-2031
Market Size 2025USD 5.83 Billion
Market Size 2031USD 8.11 Billion
CAGR 2026-20315.66%
Fastest Growing SegmentTransmission System
Largest MarketNorth America

However, the industry faces substantial hurdles due to the ongoing electrification of powertrains. Unlike internal combustion engines that rely on multi-speed transmissions, electric vehicles predominantly utilize simpler single-speed reduction gearboxes, a design choice that inherently lowers the volume of gears needed per vehicle. This structural transformation compels manufacturers to overhaul their production strategies, prioritizing fewer, high-precision components essential for noise reduction in electric drive units, which presents considerable financial and operational obstacles to sustained market growth.

Market Driver

Increasing global passenger vehicle manufacturing and sales volumes serve as the main propellant for the gear market. As automotive companies accelerate production to satisfy post-pandemic recovery and demand in emerging markets, the total number of transmission assemblies-and their internal gears-grows concurrently. This expansion is especially notable in Asian markets, where elevated production levels maintain strong order books for component suppliers. For instance, the China Association of Automobile Manufacturers (CAAM) reported in January 2025 that the nation achieved a cumulative automobile production of 31.28 million units in 2024, a benchmark that correlates directly with a rise in gear procurement.

Furthermore, the rapid uptake of electric and hybrid vehicle powertrains is fundamentally altering gear value chains and specifications. Although pure electric vehicles often require fewer gears, the boom in hybrid vehicles maintains the need for complex multi-speed transmissions, while electric drive units necessitate high-precision gears to mitigate noise, vibration, and harshness at high speeds. This evolution pushes suppliers toward higher-value components, with the International Energy Agency (IEA) projecting in May 2025 that global electric car sales would surpass 20 million units for the year. Reflecting this trend, Assembly Magazine noted in November 2025 that Toyota committed a $912 million investment to enhance hybrid-electric vehicle assembly and advanced powertrain manufacturing at its United States facilities.

Market Challenge

The shift toward powertrain electrification acts as a structural barrier to the expansion of the Global Passenger Car Gear Market. In contrast to internal combustion engine vehicles, which employ multi-speed transmissions with multiple gear sets to regulate speed and torque, electric vehicles typically utilize single-speed reduction gearboxes. This technological difference significantly decreases the number of gears needed per unit, thereby lowering the total volume of components requested by original equipment manufacturers. Consequently, even as overall vehicle production numbers rebound, the revenue potential for gear suppliers is limited by this reduction in content per vehicle.

This decline in component volume is intensifying within major manufacturing hubs, resulting in a distinct drop in demand for complex gear assemblies. As battery-powered vehicles gain market share, the total addressable market for conventional transmission gears shrinks considerably. According to data from the China Association of Automobile Manufacturers, sales of new energy vehicles surpassed 12 million units in 2024. This widespread adoption of simplified electric drivetrains within the world's largest automotive market highlights how the transition away from internal combustion engines directly restricts growth opportunities for traditional gear manufacturers.

Market Trends

The rise of Integrated Electric Axle (e-Axle) Gear Systems marks a foundational change in drivetrain architecture, combining the transmission, power electronics, and electric motor into one compact unit to optimize efficiency and power density. This integration necessitates high-precision helical gears that can manage higher input speeds while reducing overall package size, compelling suppliers to adjust their manufacturing lines for these intricate 3-in-1 systems. This structural shift is driving substantial investment in advanced manufacturing; for example, Linamar Corporation announced in a January 2025 press release a capital investment plan of roughly $1.1 billion to boost production capacity for next-generation mobility technologies, including specialized eAxle and hybrid propulsion systems.

Simultaneously, the transition toward lightweight composite and hybrid gear materials is accelerating as manufacturers aim to address noise, vibration, and harshness (NVH) issues in quiet electric vehicle interiors. The substitution of traditional metal gears with high-performance engineering thermoplastics, such as PEEK (polyetheretherketone), markedly lowers component weight and operational noise, thereby enhancing passenger comfort and extending vehicle range. This material evolution is evident in the financial results of major polymer suppliers; in its 'Annual Report 2024' released in January 2025, Victrex plc reported a 5% volume increase in its automotive division, a growth trend directly linked to the rising uptake of their lightweight polymer solutions in electric mobility platforms.

Key Market Players

  • American Axle & Manufacturing Inc.
  • BorgWarner Inc.
  • Bharat Gears Ltd
  • The Timken Company
  • Dynamatic Technologies Limited
  • Franz Morat Holding GmbH & Co. KG
  • GKN Automotive Limited
  • Gleason Corporation
  • IMS Gear SE & Co. KGaA
  • ZF Friedrichshafen AG

Report Scope

In this report, the Global Passenger Car Gear Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Passenger Car Gear Market, By Position

  • Skew Shaft Gears
  • Intersecting Shaft Gears
  • Parallel Shaft Gears

Passenger Car Gear Market, By Material

  • Ferrous Metals
  • Non-ferrous Metals
  • Others

Passenger Car Gear Market, By Application

  • Steering Systems
  • Transmission Systems
  • Differential Systems

Passenger Car Gear Market, By Region

  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • France
    • United Kingdom
    • Italy
    • Germany
    • Spain
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
  • South America
    • Brazil
    • Argentina
    • Colombia
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Passenger Car Gear Market.

Available Customizations:

Global Passenger Car Gear Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Table of Contents

1. Product Overview

  • 1.1. Market Definition
  • 1.2. Scope of the Market
    • 1.2.1. Markets Covered
    • 1.2.2. Years Considered for Study
    • 1.2.3. Key Market Segmentations

2. Research Methodology

  • 2.1. Objective of the Study
  • 2.2. Baseline Methodology
  • 2.3. Key Industry Partners
  • 2.4. Major Association and Secondary Sources
  • 2.5. Forecasting Methodology
  • 2.6. Data Triangulation & Validation
  • 2.7. Assumptions and Limitations

3. Executive Summary

  • 3.1. Overview of the Market
  • 3.2. Overview of Key Market Segmentations
  • 3.3. Overview of Key Market Players
  • 3.4. Overview of Key Regions/Countries
  • 3.5. Overview of Market Drivers, Challenges, Trends

4. Voice of Customer

5. Global Passenger Car Gear Market Outlook

  • 5.1. Market Size & Forecast
    • 5.1.1. By Value
  • 5.2. Market Share & Forecast
    • 5.2.1. By Position (Skew Shaft Gears, Intersecting Shaft Gears, Parallel Shaft Gears)
    • 5.2.2. By Material (Ferrous Metals, Non-ferrous Metals, Others)
    • 5.2.3. By Application (Steering Systems, Transmission Systems, Differential Systems)
    • 5.2.4. By Region
    • 5.2.5. By Company (2025)
  • 5.3. Market Map

6. North America Passenger Car Gear Market Outlook

  • 6.1. Market Size & Forecast
    • 6.1.1. By Value
  • 6.2. Market Share & Forecast
    • 6.2.1. By Position
    • 6.2.2. By Material
    • 6.2.3. By Application
    • 6.2.4. By Country
  • 6.3. North America: Country Analysis
    • 6.3.1. United States Passenger Car Gear Market Outlook
      • 6.3.1.1. Market Size & Forecast
        • 6.3.1.1.1. By Value
      • 6.3.1.2. Market Share & Forecast
        • 6.3.1.2.1. By Position
        • 6.3.1.2.2. By Material
        • 6.3.1.2.3. By Application
    • 6.3.2. Canada Passenger Car Gear Market Outlook
      • 6.3.2.1. Market Size & Forecast
        • 6.3.2.1.1. By Value
      • 6.3.2.2. Market Share & Forecast
        • 6.3.2.2.1. By Position
        • 6.3.2.2.2. By Material
        • 6.3.2.2.3. By Application
    • 6.3.3. Mexico Passenger Car Gear Market Outlook
      • 6.3.3.1. Market Size & Forecast
        • 6.3.3.1.1. By Value
      • 6.3.3.2. Market Share & Forecast
        • 6.3.3.2.1. By Position
        • 6.3.3.2.2. By Material
        • 6.3.3.2.3. By Application

7. Europe Passenger Car Gear Market Outlook

  • 7.1. Market Size & Forecast
    • 7.1.1. By Value
  • 7.2. Market Share & Forecast
    • 7.2.1. By Position
    • 7.2.2. By Material
    • 7.2.3. By Application
    • 7.2.4. By Country
  • 7.3. Europe: Country Analysis
    • 7.3.1. Germany Passenger Car Gear Market Outlook
      • 7.3.1.1. Market Size & Forecast
        • 7.3.1.1.1. By Value
      • 7.3.1.2. Market Share & Forecast
        • 7.3.1.2.1. By Position
        • 7.3.1.2.2. By Material
        • 7.3.1.2.3. By Application
    • 7.3.2. France Passenger Car Gear Market Outlook
      • 7.3.2.1. Market Size & Forecast
        • 7.3.2.1.1. By Value
      • 7.3.2.2. Market Share & Forecast
        • 7.3.2.2.1. By Position
        • 7.3.2.2.2. By Material
        • 7.3.2.2.3. By Application
    • 7.3.3. United Kingdom Passenger Car Gear Market Outlook
      • 7.3.3.1. Market Size & Forecast
        • 7.3.3.1.1. By Value
      • 7.3.3.2. Market Share & Forecast
        • 7.3.3.2.1. By Position
        • 7.3.3.2.2. By Material
        • 7.3.3.2.3. By Application
    • 7.3.4. Italy Passenger Car Gear Market Outlook
      • 7.3.4.1. Market Size & Forecast
        • 7.3.4.1.1. By Value
      • 7.3.4.2. Market Share & Forecast
        • 7.3.4.2.1. By Position
        • 7.3.4.2.2. By Material
        • 7.3.4.2.3. By Application
    • 7.3.5. Spain Passenger Car Gear Market Outlook
      • 7.3.5.1. Market Size & Forecast
        • 7.3.5.1.1. By Value
      • 7.3.5.2. Market Share & Forecast
        • 7.3.5.2.1. By Position
        • 7.3.5.2.2. By Material
        • 7.3.5.2.3. By Application

8. Asia Pacific Passenger Car Gear Market Outlook

  • 8.1. Market Size & Forecast
    • 8.1.1. By Value
  • 8.2. Market Share & Forecast
    • 8.2.1. By Position
    • 8.2.2. By Material
    • 8.2.3. By Application
    • 8.2.4. By Country
  • 8.3. Asia Pacific: Country Analysis
    • 8.3.1. China Passenger Car Gear Market Outlook
      • 8.3.1.1. Market Size & Forecast
        • 8.3.1.1.1. By Value
      • 8.3.1.2. Market Share & Forecast
        • 8.3.1.2.1. By Position
        • 8.3.1.2.2. By Material
        • 8.3.1.2.3. By Application
    • 8.3.2. India Passenger Car Gear Market Outlook
      • 8.3.2.1. Market Size & Forecast
        • 8.3.2.1.1. By Value
      • 8.3.2.2. Market Share & Forecast
        • 8.3.2.2.1. By Position
        • 8.3.2.2.2. By Material
        • 8.3.2.2.3. By Application
    • 8.3.3. Japan Passenger Car Gear Market Outlook
      • 8.3.3.1. Market Size & Forecast
        • 8.3.3.1.1. By Value
      • 8.3.3.2. Market Share & Forecast
        • 8.3.3.2.1. By Position
        • 8.3.3.2.2. By Material
        • 8.3.3.2.3. By Application
    • 8.3.4. South Korea Passenger Car Gear Market Outlook
      • 8.3.4.1. Market Size & Forecast
        • 8.3.4.1.1. By Value
      • 8.3.4.2. Market Share & Forecast
        • 8.3.4.2.1. By Position
        • 8.3.4.2.2. By Material
        • 8.3.4.2.3. By Application
    • 8.3.5. Australia Passenger Car Gear Market Outlook
      • 8.3.5.1. Market Size & Forecast
        • 8.3.5.1.1. By Value
      • 8.3.5.2. Market Share & Forecast
        • 8.3.5.2.1. By Position
        • 8.3.5.2.2. By Material
        • 8.3.5.2.3. By Application

9. Middle East & Africa Passenger Car Gear Market Outlook

  • 9.1. Market Size & Forecast
    • 9.1.1. By Value
  • 9.2. Market Share & Forecast
    • 9.2.1. By Position
    • 9.2.2. By Material
    • 9.2.3. By Application
    • 9.2.4. By Country
  • 9.3. Middle East & Africa: Country Analysis
    • 9.3.1. Saudi Arabia Passenger Car Gear Market Outlook
      • 9.3.1.1. Market Size & Forecast
        • 9.3.1.1.1. By Value
      • 9.3.1.2. Market Share & Forecast
        • 9.3.1.2.1. By Position
        • 9.3.1.2.2. By Material
        • 9.3.1.2.3. By Application
    • 9.3.2. UAE Passenger Car Gear Market Outlook
      • 9.3.2.1. Market Size & Forecast
        • 9.3.2.1.1. By Value
      • 9.3.2.2. Market Share & Forecast
        • 9.3.2.2.1. By Position
        • 9.3.2.2.2. By Material
        • 9.3.2.2.3. By Application
    • 9.3.3. South Africa Passenger Car Gear Market Outlook
      • 9.3.3.1. Market Size & Forecast
        • 9.3.3.1.1. By Value
      • 9.3.3.2. Market Share & Forecast
        • 9.3.3.2.1. By Position
        • 9.3.3.2.2. By Material
        • 9.3.3.2.3. By Application

10. South America Passenger Car Gear Market Outlook

  • 10.1. Market Size & Forecast
    • 10.1.1. By Value
  • 10.2. Market Share & Forecast
    • 10.2.1. By Position
    • 10.2.2. By Material
    • 10.2.3. By Application
    • 10.2.4. By Country
  • 10.3. South America: Country Analysis
    • 10.3.1. Brazil Passenger Car Gear Market Outlook
      • 10.3.1.1. Market Size & Forecast
        • 10.3.1.1.1. By Value
      • 10.3.1.2. Market Share & Forecast
        • 10.3.1.2.1. By Position
        • 10.3.1.2.2. By Material
        • 10.3.1.2.3. By Application
    • 10.3.2. Colombia Passenger Car Gear Market Outlook
      • 10.3.2.1. Market Size & Forecast
        • 10.3.2.1.1. By Value
      • 10.3.2.2. Market Share & Forecast
        • 10.3.2.2.1. By Position
        • 10.3.2.2.2. By Material
        • 10.3.2.2.3. By Application
    • 10.3.3. Argentina Passenger Car Gear Market Outlook
      • 10.3.3.1. Market Size & Forecast
        • 10.3.3.1.1. By Value
      • 10.3.3.2. Market Share & Forecast
        • 10.3.3.2.1. By Position
        • 10.3.3.2.2. By Material
        • 10.3.3.2.3. By Application

11. Market Dynamics

  • 11.1. Drivers
  • 11.2. Challenges

12. Market Trends & Developments

  • 12.1. Merger & Acquisition (If Any)
  • 12.2. Product Launches (If Any)
  • 12.3. Recent Developments

13. Global Passenger Car Gear Market: SWOT Analysis

14. Porter's Five Forces Analysis

  • 14.1. Competition in the Industry
  • 14.2. Potential of New Entrants
  • 14.3. Power of Suppliers
  • 14.4. Power of Customers
  • 14.5. Threat of Substitute Products

15. Competitive Landscape

  • 15.1. American Axle & Manufacturing Inc.
    • 15.1.1. Business Overview
    • 15.1.2. Products & Services
    • 15.1.3. Recent Developments
    • 15.1.4. Key Personnel
    • 15.1.5. SWOT Analysis
  • 15.2. BorgWarner Inc.
  • 15.3. Bharat Gears Ltd
  • 15.4. The Timken Company
  • 15.5. Dynamatic Technologies Limited
  • 15.6. Franz Morat Holding GmbH & Co. KG
  • 15.7. GKN Automotive Limited
  • 15.8. Gleason Corporation
  • 15.9. IMS Gear SE & Co. KGaA
  • 15.10. ZF Friedrichshafen AG

16. Strategic Recommendations

17. About Us & Disclaimer