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レポート概要
| GlobalInfoResearchの最新の調査によると、世界の家庭用ターンテーブルの市場規模は2022年のxxx米ドルから2029年にはxxx米ドルと推定され、xxx％の成長率で成長すると予想されます。新型コロナウイルス感染症とロシア・ウクライナ戦争の影響を考慮しながら市場規模を推計しました。 このレポートは、世界の家庭用ターンテーブル市場に関する詳細かつ包括的な分析の結果です。定量的分析と定性的分析データが、メーカー別、地域別、国別、種類別、用途別に記載されています。 市場は常に変化しているため、本レポートでは、競争、需要と供給の傾向、および多くの市場にわたる需要の変化に影響する主要な要因を調査しました。主要な競合他社の企業概要と製品例、および2023年の市場シェア予測も記載しました。 本レポートの主な目的は次のとおりです。 - 世界および主要国の市場機会の規模を決定するため - 家庭用ターンテーブルの成長可能性を評価するため - 各製品および最終用途市場の将来の成長を予測するため - 市場に影響を与える競争要因を評価するため 家庭用ターンテーブル市場は種類と用途によって区分されます。2018年～2029年において、量と金額の観点から種類別および用途別セグメントの売上予測データを提供します。この分析は、適格なニッチ市場をターゲットにすることでビジネスを拡大するのに役立ちます。 種類別セグメント ・ダイレクトドライブ、ベルトドライブ、その他 用途別セグメント ・オンラインチャンネル、オフラインチャンネル 主要な市場プレーヤー ・Pro-Ject、Victrola、Pioneer DJ、Panasonic、Crosley、Sony、Teac、Audio-Technica、Rega、LINN、inMusic、Marantz、Mclntosh、AMG (Analog Manufaktur Germany)、Thorens、Acoustic Signature、Denon、Transrotor、Clearaudio、Music Hall、VPI Industries 地域別セグメントは次の地域・国をカバーします。 ・北米（米国、カナダ、メキシコ） ・ヨーロッパ（ドイツ、フランス、イギリス、ロシア、イタリア） ・アジア太平洋（日本、中国、韓国、インド、東南アジア、オーストラリア） ・南アメリカ（ブラジル、アルゼンチン、コロンビア） ・中東およびアフリカ（サウジアラビア、UAE、エジプト、南アフリカ） 本調査レポートの内容は計15章あります。 ・第1章では、家庭用ターンテーブル製品の調査範囲、市場の概要、市場の成長要因・阻害要因、および市場動向について説明します。 ・第2章では、主要な家庭用ターンテーブルメーカーの企業概要、2019年～2022年までの家庭用ターンテーブルの価格、販売量、売上、市場シェアを掲載しています。 ・第3章では、主要な家庭用ターンテーブルメーカーの競争状況、販売量、売上、世界市場シェアが重点的に比較分析されています。 ・第4章では、2018年～2029年までの地域別家庭用ターンテーブルの販売量、売上、成長性を示しています。 ・第5、6章では、2018年～2029年までの家庭用ターンテーブルの種類別と用途別の市場規模、市場シェアと成長率を掲載しています。 ・第7、8、9、10、11章では、2018年～2022年までの世界の主要国での販売量、売上、市場シェア、並びに2023年～2029年までの主要地域での家庭用ターンテーブル市場予測を収録しています。 ・第12章では、市場力学、成長要因、阻害要因、トレンド、ポーターズファイブフォース分析、新型コロナウイルス感染症とロシア・ウクライナ戦争の影響を掲載しています。 ・第13章では、主要な原材料、主要なサプライヤー、および家庭用ターンテーブルの産業チェーンを掲載しています。 ・第14、15章では、家庭用ターンテーブルの販売チャネル、販売業者、顧客、調査結果について説明します。 ***** 目次(一部) ***** ・市場概要 - 家庭用ターンテーブルの概要 - 種類別分析（2018年vs2022年vs2029年）：ダイレクトドライブ、ベルトドライブ、その他 - 用途別分析（2018年vs2022年vs2029年）：オンラインチャンネル、オフラインチャンネル - 世界の家庭用ターンテーブル市場規模・予測 - 世界の家庭用ターンテーブル生産能力分析 - 市場の成長要因・阻害要因・動向 ・メーカー情報（企業概要、製品概要、販売量、価格、売上） - Pro-Ject、Victrola、Pioneer DJ、Panasonic、Crosley、Sony、Teac、Audio-Technica、Rega、LINN、inMusic、Marantz、Mclntosh、AMG (Analog Manufaktur Germany)、Thorens、Acoustic Signature、Denon、Transrotor、Clearaudio、Music Hall、VPI Industries ・メーカー別市場シェア・市場集中度 ・地域別市場分析2018年-2029年 ・種類別分析2018年-2029年：ダイレクトドライブ、ベルトドライブ、その他 ・用途別分析2018年-2029年：オンラインチャンネル、オフラインチャンネル ・家庭用ターンテーブルの北米市場 - 種類別市場規模2018年-2029年 - 用途別市場規模2018年-2029年 - 主要国別市場規模：アメリカ、カナダ、メキシコなど ・家庭用ターンテーブルのヨーロッパ市場 - 種類別市場規模2018年-2029年 - 用途別市場規模2018年-2029年 - 主要国別市場規模：ドイツ、イギリス、フランス、ロシア、イタリアなど ・家庭用ターンテーブルのアジア市場 - 種類別市場規模2018年-2029年 - 用途別市場規模2018年-2029年 - 主要国別市場規模：中国、日本、韓国、インド、東南アジア、オーストラリアなど ・家庭用ターンテーブルの南米市場 - 種類別市場規模2018年-2029年 - 用途別市場規模2018年-2029年 - 主要国別市場規模：ブラジル、アルゼンチンなど ・家庭用ターンテーブルの中東・アフリカ市場 - 種類別市場規模2018年-2029年 - 用途別市場規模2018年-2029年 - 主要国別市場規模：サウジアラビア、トルコ、エジプト、南アフリカなど ・市場力学（成長要因、阻害要因、トレンド、ポーターズファイブフォース分析） ・原材料および産業チェーン ・販売チャネル、流通業者・代理店、顧客リスト ・調査の結果・結論 |
According to our (Global Info Research) latest study, the global Household Turntables market size was valued at USD 85 million in 2022 and is forecast to a readjusted size of USD 111.6 million by 2029 with a CAGR of 4.0% during review period. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
This report is a detailed and comprehensive analysis for global Household Turntables market. Both quantitative and qualitative analyses are presented by manufacturers, by region & country, by Type and by Application. As the market is constantly changing, this report explores the competition, supply and demand trends, as well as key factors that contribute to its changing demands across many markets. Company profiles and product examples of selected competitors, along with market share estimates of some of the selected leaders for the year 2023, are provided.
Key Features:
Global Household Turntables market size and forecasts, in consumption value ($ Million), sales quantity (K Units), and average selling prices (US$/Unit), 2018-2029
Global Household Turntables market size and forecasts by region and country, in consumption value ($ Million), sales quantity (K Units), and average selling prices (US$/Unit), 2018-2029
Global Household Turntables market size and forecasts, by Type and by Application, in consumption value ($ Million), sales quantity (K Units), and average selling prices (US$/Unit), 2018-2029
Global Household Turntables market shares of main players, shipments in revenue ($ Million), sales quantity (K Units), and ASP (US$/Unit), 2018-2023
The Primary Objectives in This Report Are:
To determine the size of the total market opportunity of global and key countries
To assess the growth potential for Household Turntables
To forecast future growth in each product and end-use market
To assess competitive factors affecting the marketplace
This report profiles key players in the global Household Turntables market based on the following parameters – company overview, production, value, price, gross margin, product portfolio, geographical presence, and key developments. Key companies covered as a part of this study include Pro-Ject, Victrola, Pioneer DJ, Panasonic and Crosley, etc.
This report also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, COVID-19 and Russia-Ukraine War Influence.
Market Segmentation
Household Turntables market is split by Type and by Application. For the period 2018-2029, the growth among segments provides accurate calculations and forecasts for consumption value by Type, and by Application in terms of volume and value. This analysis can help you expand your business by targeting qualified niche markets.
Market segment by Type
Direct-drive
Belt-drive
Others
Market segment by Application
Online Channel
Offline Channel
Major players covered
Pro-Ject
Victrola
Pioneer DJ
Panasonic
Crosley
Sony
Teac
Audio-Technica
Rega
LINN
inMusic
Marantz
Mclntosh
AMG (Analog Manufaktur Germany)
Thorens
Acoustic Signature
Denon
Transrotor
Clearaudio
Music Hall
VPI Industries
Market segment by region, regional analysis covers
North America (United States, Canada and Mexico)
Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)
Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)
South America (Brazil, Argentina, Colombia, and Rest of South America)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)
The content of the study subjects, includes a total of 15 chapters:
Chapter 1, to describe Household Turntables product scope, market overview, market estimation caveats and base year.
Chapter 2, to profile the top manufacturers of Household Turntables, with price, sales, revenue and global market share of Household Turntables from 2018 to 2023.
Chapter 3, the Household Turntables competitive situation, sales quantity, revenue and global market share of top manufacturers are analyzed emphatically by landscape contrast.
Chapter 4, the Household Turntables breakdown data are shown at the regional level, to show the sales quantity, consumption value and growth by regions, from 2018 to 2029.
Chapter 5 and 6, to segment the sales by Type and application, with sales market share and growth rate by type, application, from 2018 to 2029.
Chapter 7, 8, 9, 10 and 11, to break the sales data at the country level, with sales quantity, consumption value and market share for key countries in the world, from 2017 to 2022.and Household Turntables market forecast, by regions, type and application, with sales and revenue, from 2024 to 2029.
Chapter 12, market dynamics, drivers, restraints, trends, Porters Five Forces analysis, and Influence of COVID-19 and Russia-Ukraine War.
Chapter 13, the key raw materials and key suppliers, and industry chain of Household Turntables.
Chapter 14 and 15, to describe Household Turntables sales channel, distributors, customers, research findings and conclusion.
1 Market Overview
1.1 Product Overview and Scope of Household Turntables
1.2 Market Estimation Caveats and Base Year
1.3 Market Analysis by Type
1.3.1 Overview: Global Household Turntables Consumption Value by Type: 2018 Versus 2022 Versus 2029
1.3.2 Direct-drive
1.3.3 Belt-drive
1.3.4 Others
1.4 Market Analysis by Application
1.4.1 Overview: Global Household Turntables Consumption Value by Application: 2018 Versus 2022 Versus 2029
1.4.2 Online Channel
1.4.3 Offline Channel
1.5 Global Household Turntables Market Size & Forecast
1.5.1 Global Household Turntables Consumption Value (2018 & 2022 & 2029)
1.5.2 Global Household Turntables Sales Quantity (2018-2029)
1.5.3 Global Household Turntables Average Price (2018-2029)
2 Manufacturers Profiles
2.1 Pro-Ject
2.1.1 Pro-Ject Details
2.1.2 Pro-Ject Major Business
2.1.3 Pro-Ject Household Turntables Product and Services
2.1.4 Pro-Ject Household Turntables Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2018-2023)
2.1.5 Pro-Ject Recent Developments/Updates
2.2 Victrola
2.2.1 Victrola Details
2.2.2 Victrola Major Business
2.2.3 Victrola Household Turntables Product and Services
2.2.4 Victrola Household Turntables Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2018-2023)
2.2.5 Victrola Recent Developments/Updates
2.3 Pioneer DJ
2.3.1 Pioneer DJ Details
2.3.2 Pioneer DJ Major Business
2.3.3 Pioneer DJ Household Turntables Product and Services
2.3.4 Pioneer DJ Household Turntables Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2018-2023)
2.3.5 Pioneer DJ Recent Developments/Updates
2.4 Panasonic
2.4.1 Panasonic Details
2.4.2 Panasonic Major Business
2.4.3 Panasonic Household Turntables Product and Services
2.4.4 Panasonic Household Turntables Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2018-2023)
2.4.5 Panasonic Recent Developments/Updates
2.5 Crosley
2.5.1 Crosley Details
2.5.2 Crosley Major Business
2.5.3 Crosley Household Turntables Product and Services
2.5.4 Crosley Household Turntables Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2018-2023)
2.5.5 Crosley Recent Developments/Updates
2.6 Sony
2.6.1 Sony Details
2.6.2 Sony Major Business
2.6.3 Sony Household Turntables Product and Services
2.6.4 Sony Household Turntables Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2018-2023)
2.6.5 Sony Recent Developments/Updates
2.7 Teac
2.7.1 Teac Details
2.7.2 Teac Major Business
2.7.3 Teac Household Turntables Product and Services
2.7.4 Teac Household Turntables Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2018-2023)
2.7.5 Teac Recent Developments/Updates
2.8 Audio-Technica
2.8.1 Audio-Technica Details
2.8.2 Audio-Technica Major Business
2.8.3 Audio-Technica Household Turntables Product and Services
2.8.4 Audio-Technica Household Turntables Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2018-2023)
2.8.5 Audio-Technica Recent Developments/Updates
2.9 Rega
2.9.1 Rega Details
2.9.2 Rega Major Business
2.9.3 Rega Household Turntables Product and Services
2.9.4 Rega Household Turntables Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2018-2023)
2.9.5 Rega Recent Developments/Updates
2.10 LINN
2.10.1 LINN Details
2.10.2 LINN Major Business
2.10.3 LINN Household Turntables Product and Services
2.10.4 LINN Household Turntables Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2018-2023)
2.10.5 LINN Recent Developments/Updates
2.11 inMusic
2.11.1 inMusic Details
2.11.2 inMusic Major Business
2.11.3 inMusic Household Turntables Product and Services
2.11.4 inMusic Household Turntables Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2018-2023)
2.11.5 inMusic Recent Developments/Updates
2.12 Marantz
2.12.1 Marantz Details
2.12.2 Marantz Major Business
2.12.3 Marantz Household Turntables Product and Services
2.12.4 Marantz Household Turntables Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2018-2023)
2.12.5 Marantz Recent Developments/Updates
2.13 Mclntosh
2.13.1 Mclntosh Details
2.13.2 Mclntosh Major Business
2.13.3 Mclntosh Household Turntables Product and Services
2.13.4 Mclntosh Household Turntables Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2018-2023)
2.13.5 Mclntosh Recent Developments/Updates
2.14 AMG (Analog Manufaktur Germany)
2.14.1 AMG (Analog Manufaktur Germany) Details
2.14.2 AMG (Analog Manufaktur Germany) Major Business
2.14.3 AMG (Analog Manufaktur Germany) Household Turntables Product and Services
2.14.4 AMG (Analog Manufaktur Germany) Household Turntables Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2018-2023)
2.14.5 AMG (Analog Manufaktur Germany) Recent Developments/Updates
2.15 Thorens
2.15.1 Thorens Details
2.15.2 Thorens Major Business
2.15.3 Thorens Household Turntables Product and Services
2.15.4 Thorens Household Turntables Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2018-2023)
2.15.5 Thorens Recent Developments/Updates
2.16 Acoustic Signature
2.16.1 Acoustic Signature Details
2.16.2 Acoustic Signature Major Business
2.16.3 Acoustic Signature Household Turntables Product and Services
2.16.4 Acoustic Signature Household Turntables Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2018-2023)
2.16.5 Acoustic Signature Recent Developments/Updates
2.17 Denon
2.17.1 Denon Details
2.17.2 Denon Major Business
2.17.3 Denon Household Turntables Product and Services
2.17.4 Denon Household Turntables Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2018-2023)
2.17.5 Denon Recent Developments/Updates
2.18 Transrotor
2.18.1 Transrotor Details
2.18.2 Transrotor Major Business
2.18.3 Transrotor Household Turntables Product and Services
2.18.4 Transrotor Household Turntables Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2018-2023)
2.18.5 Transrotor Recent Developments/Updates
2.19 Clearaudio
2.19.1 Clearaudio Details
2.19.2 Clearaudio Major Business
2.19.3 Clearaudio Household Turntables Product and Services
2.19.4 Clearaudio Household Turntables Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2018-2023)
2.19.5 Clearaudio Recent Developments/Updates
2.20 Music Hall
2.20.1 Music Hall Details
2.20.2 Music Hall Major Business
2.20.3 Music Hall Household Turntables Product and Services
2.20.4 Music Hall Household Turntables Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2018-2023)
2.20.5 Music Hall Recent Developments/Updates
2.21 VPI Industries
2.21.1 VPI Industries Details
2.21.2 VPI Industries Major Business
2.21.3 VPI Industries Household Turntables Product and Services
2.21.4 VPI Industries Household Turntables Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2018-2023)
2.21.5 VPI Industries Recent Developments/Updates
3 Competitive Environment: Household Turntables by Manufacturer
3.1 Global Household Turntables Sales Quantity by Manufacturer (2018-2023)
3.2 Global Household Turntables Revenue by Manufacturer (2018-2023)
3.3 Global Household Turntables Average Price by Manufacturer (2018-2023)
3.4 Market Share Analysis (2022)
3.4.1 Producer Shipments of Household Turntables by Manufacturer Revenue ($MM) and Market Share (%): 2022
3.4.2 Top 3 Household Turntables Manufacturer Market Share in 2022
3.4.2 Top 6 Household Turntables Manufacturer Market Share in 2022
3.5 Household Turntables Market: Overall Company Footprint Analysis
3.5.1 Household Turntables Market: Region Footprint
3.5.2 Household Turntables Market: Company Product Type Footprint
3.5.3 Household Turntables Market: Company Product Application Footprint
3.6 New Market Entrants and Barriers to Market Entry
3.7 Mergers, Acquisition, Agreements, and Collaborations
4 Consumption Analysis by Region
4.1 Global Household Turntables Market Size by Region
4.1.1 Global Household Turntables Sales Quantity by Region (2018-2029)
4.1.2 Global Household Turntables Consumption Value by Region (2018-2029)
4.1.3 Global Household Turntables Average Price by Region (2018-2029)
4.2 North America Household Turntables Consumption Value (2018-2029)
4.3 Europe Household Turntables Consumption Value (2018-2029)
4.4 Asia-Pacific Household Turntables Consumption Value (2018-2029)
4.5 South America Household Turntables Consumption Value (2018-2029)
4.6 Middle East and Africa Household Turntables Consumption Value (2018-2029)
5 Market Segment by Type
5.1 Global Household Turntables Sales Quantity by Type (2018-2029)
5.2 Global Household Turntables Consumption Value by Type (2018-2029)
5.3 Global Household Turntables Average Price by Type (2018-2029)
6 Market Segment by Application
6.1 Global Household Turntables Sales Quantity by Application (2018-2029)
6.2 Global Household Turntables Consumption Value by Application (2018-2029)
6.3 Global Household Turntables Average Price by Application (2018-2029)
7 North America
7.1 North America Household Turntables Sales Quantity by Type (2018-2029)
7.2 North America Household Turntables Sales Quantity by Application (2018-2029)
7.3 North America Household Turntables Market Size by Country
7.3.1 North America Household Turntables Sales Quantity by Country (2018-2029)
7.3.2 North America Household Turntables Consumption Value by Country (2018-2029)
7.3.3 United States Market Size and Forecast (2018-2029)
7.3.4 Canada Market Size and Forecast (2018-2029)
7.3.5 Mexico Market Size and Forecast (2018-2029)
8 Europe
8.1 Europe Household Turntables Sales Quantity by Type (2018-2029)
8.2 Europe Household Turntables Sales Quantity by Application (2018-2029)
8.3 Europe Household Turntables Market Size by Country
8.3.1 Europe Household Turntables Sales Quantity by Country (2018-2029)
8.3.2 Europe Household Turntables Consumption Value by Country (2018-2029)
8.3.3 Germany Market Size and Forecast (2018-2029)
8.3.4 France Market Size and Forecast (2018-2029)
8.3.5 United Kingdom Market Size and Forecast (2018-2029)
8.3.6 Russia Market Size and Forecast (2018-2029)
8.3.7 Italy Market Size and Forecast (2018-2029)
9 Asia-Pacific
9.1 Asia-Pacific Household Turntables Sales Quantity by Type (2018-2029)
9.2 Asia-Pacific Household Turntables Sales Quantity by Application (2018-2029)
9.3 Asia-Pacific Household Turntables Market Size by Region
9.3.1 Asia-Pacific Household Turntables Sales Quantity by Region (2018-2029)
9.3.2 Asia-Pacific Household Turntables Consumption Value by Region (2018-2029)
9.3.3 China Market Size and Forecast (2018-2029)
9.3.4 Japan Market Size and Forecast (2018-2029)
9.3.5 Korea Market Size and Forecast (2018-2029)
9.3.6 India Market Size and Forecast (2018-2029)
9.3.7 Southeast Asia Market Size and Forecast (2018-2029)
9.3.8 Australia Market Size and Forecast (2018-2029)
10 South America
10.1 South America Household Turntables Sales Quantity by Type (2018-2029)
10.2 South America Household Turntables Sales Quantity by Application (2018-2029)
10.3 South America Household Turntables Market Size by Country
10.3.1 South America Household Turntables Sales Quantity by Country (2018-2029)
10.3.2 South America Household Turntables Consumption Value by Country (2018-2029)
10.3.3 Brazil Market Size and Forecast (2018-2029)
10.3.4 Argentina Market Size and Forecast (2018-2029)
11 Middle East & Africa
11.1 Middle East & Africa Household Turntables Sales Quantity by Type (2018-2029)
11.2 Middle East & Africa Household Turntables Sales Quantity by Application (2018-2029)
11.3 Middle East & Africa Household Turntables Market Size by Country
11.3.1 Middle East & Africa Household Turntables Sales Quantity by Country (2018-2029)
11.3.2 Middle East & Africa Household Turntables Consumption Value by Country (2018-2029)
11.3.3 Turkey Market Size and Forecast (2018-2029)
11.3.4 Egypt Market Size and Forecast (2018-2029)
11.3.5 Saudi Arabia Market Size and Forecast (2018-2029)
11.3.6 South Africa Market Size and Forecast (2018-2029)
12 Market Dynamics
12.1 Household Turntables Market Drivers
12.2 Household Turntables Market Restraints
12.3 Household Turntables Trends Analysis
12.4 Porters Five Forces Analysis
12.4.1 Threat of New Entrants
12.4.2 Bargaining Power of Suppliers
12.4.3 Bargaining Power of Buyers
12.4.4 Threat of Substitutes
12.4.5 Competitive Rivalry
12.5 Influence of COVID-19 and Russia-Ukraine War
12.5.1 Influence of COVID-19
12.5.2 Influence of Russia-Ukraine War
13 Raw Material and Industry Chain
13.1 Raw Material of Household Turntables and Key Manufacturers
13.2 Manufacturing Costs Percentage of Household Turntables
13.3 Household Turntables Production Process
13.4 Household Turntables Industrial Chain
14 Shipments by Distribution Channel
14.1 Sales Channel
14.1.1 Direct to End-User
14.1.2 Distributors
14.2 Household Turntables Typical Distributors
14.3 Household Turntables Typical Customers
15 Research Findings and Conclusion
16 Appendix
16.1 Methodology
16.2 Research Process and Data Source
16.3 Disclaimer