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Global Industrial Electric Vehicle Market Analysis and Forecast 2026-2032

Publisher APO Research, Inc.
Published Jan 05, 2026
Length 214 Pages
SKU # APRC20776557

Description

The global Industrial Electric Vehicle 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.

Industrial Electric Vehicle'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 Ayton Willow as the global sales leader, a title it has maintained for several consecutive years. Notably, Ayton Willow'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 Industrial Electric Vehicle market include Ayton Willow, Bradshaw Electric, Caproni JSC, Crown Equipment Corporation, Hyster-Yale, John Deere, Jungheinrich AG, Kion Group GmbH and Liberty Electric Cars, etc. In 2025, the top three vendors accounted for approximately % of the revenue.

In terms of production side, this report researches the Industrial Electric Vehicle 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 Industrial Electric Vehicle 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 Industrial Electric Vehicle, 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 Industrial Electric Vehicle, also provides the consumption of main regions and countries. Of the upcoming market potential for Industrial Electric Vehicle, 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 Industrial Electric Vehicle sales, revenue, market share and industry ranking of main manufacturers, data from 2021 to 2026. Identification of the major stakeholders in the global Industrial Electric Vehicle 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 Industrial Electric Vehicle sales, projected growth trends, production technology, application and end-user industry.


Industrial Electric Vehicle Segment by Company

Ayton Willow
Bradshaw Electric
Caproni JSC
Crown Equipment Corporation
Hyster-Yale
John Deere
Jungheinrich AG
Kion Group GmbH
Liberty Electric Cars
MAN Truck & Bus AG
Toyota Motor
Valence Technologies
VISEDO Oy
ZNTK Radom

Industrial Electric Vehicle Segment by Type

Two-Wheel
Three-Wheel
Four-Wheel

Industrial Electric Vehicle Segment by Application

Transportation
Agriculture
Others

Industrial Electric Vehicle 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 Industrial Electric Vehicle 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 Industrial Electric Vehicle 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 Industrial Electric Vehicle.
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: Industrial Electric Vehicle 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 Industrial Electric Vehicle 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 Industrial Electric Vehicle 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, Industrial Electric Vehicle 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.

Please Note: Single-User license will be delivered via PDF from the publisher without the rights to print or to edit.

Table of Contents

214 Pages
1 Market Overview
1.1 Product Definition
1.2 Industrial Electric Vehicle Market by Type
1.2.1 Global Industrial Electric Vehicle Market Size by Type, 2021 VS 2025 VS 2032
1.2.2 Two-Wheel
1.2.3 Three-Wheel
1.2.4 Four-Wheel
1.3 Industrial Electric Vehicle Market by Application
1.3.1 Global Industrial Electric Vehicle Market Size by Application, 2021 VS 2025 VS 2032
1.3.2 Transportation
1.3.3 Agriculture
1.3.4 Others
1.4 Assumptions and Limitations
1.5 Study Goals and Objectives
2 Industrial Electric Vehicle Market Dynamics
2.1 Industrial Electric Vehicle Industry Trends
2.2 Industrial Electric Vehicle Industry Drivers
2.3 Industrial Electric Vehicle Industry Opportunities and Challenges
2.4 Industrial Electric Vehicle Industry Restraints
3 Global Industrial Electric Vehicle Production Overview
3.1 Global Industrial Electric Vehicle Production Capacity (2021-2032)
3.2 Global Industrial Electric Vehicle Production by Region: 2021 VS 2025 VS 2032
3.3 Global Industrial Electric Vehicle Production by Region
3.3.1 Global Industrial Electric Vehicle Production by Region (2021-2026)
3.3.2 Global Industrial Electric Vehicle Production by Region (2027-2032)
3.3.3 Global Industrial Electric Vehicle Production Market Share by Region (2021-2032)
3.4 North America
3.5 Europe
3.6 China
3.7 Japan
3.8 South Korea
3.9 India
4 Global Market Growth Prospects
4.1 Global Industrial Electric Vehicle Revenue Estimates and Forecasts (2021-2032)
4.2 Global Industrial Electric Vehicle Revenue by Region
4.2.1 Global Industrial Electric Vehicle Revenue by Region: 2021 VS 2025 VS 2032
4.2.2 Global Industrial Electric Vehicle Revenue by Region (2021-2026)
4.2.3 Global Industrial Electric Vehicle Revenue by Region (2027-2032)
4.2.4 Global Industrial Electric Vehicle Revenue Market Share by Region (2021-2032)
4.3 Global Industrial Electric Vehicle Sales Estimates and Forecasts 2021-2032
4.4 Global Industrial Electric Vehicle Sales by Region
4.4.1 Global Industrial Electric Vehicle Sales by Region: 2021 VS 2025 VS 2032
4.4.2 Global Industrial Electric Vehicle Sales by Region (2021-2026)
4.4.3 Global Industrial Electric Vehicle Sales by Region (2027-2032)
4.4.4 Global Industrial Electric Vehicle 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 Industrial Electric Vehicle Revenue by Manufacturers
5.1.1 Global Industrial Electric Vehicle Revenue by Manufacturers (2021-2026)
5.1.2 Global Industrial Electric Vehicle Revenue Market Share by Manufacturers (2021-2026)
5.1.3 Global Industrial Electric Vehicle Manufacturers Revenue Share Top 10 and Top 5 in 2025
5.2 Global Industrial Electric Vehicle Sales by Manufacturers
5.2.1 Global Industrial Electric Vehicle Sales by Manufacturers (2021-2026)
5.2.2 Global Industrial Electric Vehicle Sales Market Share by Manufacturers (2021-2026)
5.2.3 Global Industrial Electric Vehicle Manufacturers Sales Share Top 10 and Top 5 in 2025
5.3 Global Industrial Electric Vehicle Sales Price by Manufacturers (2021-2026)
5.4 Global Industrial Electric Vehicle Key Manufacturers Ranking, 2024 VS 2025 VS 2026
5.5 Global Industrial Electric Vehicle Key Manufacturers Manufacturing Sites & Headquarters
5.6 Global Industrial Electric Vehicle Manufacturers, Product Type & Application
5.7 Global Industrial Electric Vehicle Manufacturers Commercialization Time
5.8 Market Competitive Analysis
5.8.1 Global Industrial Electric Vehicle Market CR5 and HHI
5.8.2 2025 Industrial Electric Vehicle Tier 1, Tier 2, and Tier 3
6 Industrial Electric Vehicle Market by Type
6.1 Global Industrial Electric Vehicle Revenue by Type
6.1.1 Global Industrial Electric Vehicle Revenue by Type (2021-2032) & (US$ Million)
6.1.2 Global Industrial Electric Vehicle Revenue Market Share by Type (2021-2032)
6.2 Global Industrial Electric Vehicle Sales by Type
6.2.1 Global Industrial Electric Vehicle Sales by Type (2021-2032) & (k units)
6.2.2 Global Industrial Electric Vehicle Sales Market Share by Type (2021-2032)
6.3 Global Industrial Electric Vehicle Price by Type
7 Industrial Electric Vehicle Market by Application
7.1 Global Industrial Electric Vehicle Revenue by Application
7.1.1 Global Industrial Electric Vehicle Revenue by Application (2021-2032) & (US$ Million)
7.1.2 Global Industrial Electric Vehicle Revenue Market Share by Application (2021-2032)
7.2 Global Industrial Electric Vehicle Sales by Application
7.2.1 Global Industrial Electric Vehicle Sales by Application (2021-2032) & (k units)
7.2.2 Global Industrial Electric Vehicle Sales Market Share by Application (2021-2032)
7.3 Global Industrial Electric Vehicle Price by Application
8 Company Profiles
8.1 Ayton Willow
8.1.1 Ayton Willow Company Information
8.1.2 Ayton Willow Business Overview
8.1.3 Ayton Willow Industrial Electric Vehicle Sales, Revenue, Price and Gross Margin (2021-2026)
8.1.4 Ayton Willow Industrial Electric Vehicle Product Portfolio
8.1.5 Ayton Willow Recent Developments
8.2 Bradshaw Electric
8.2.1 Bradshaw Electric Company Information
8.2.2 Bradshaw Electric Business Overview
8.2.3 Bradshaw Electric Industrial Electric Vehicle Sales, Revenue, Price and Gross Margin (2021-2026)
8.2.4 Bradshaw Electric Industrial Electric Vehicle Product Portfolio
8.2.5 Bradshaw Electric Recent Developments
8.3 Caproni JSC
8.3.1 Caproni JSC Company Information
8.3.2 Caproni JSC Business Overview
8.3.3 Caproni JSC Industrial Electric Vehicle Sales, Revenue, Price and Gross Margin (2021-2026)
8.3.4 Caproni JSC Industrial Electric Vehicle Product Portfolio
8.3.5 Caproni JSC Recent Developments
8.4 Crown Equipment Corporation
8.4.1 Crown Equipment Corporation Company Information
8.4.2 Crown Equipment Corporation Business Overview
8.4.3 Crown Equipment Corporation Industrial Electric Vehicle Sales, Revenue, Price and Gross Margin (2021-2026)
8.4.4 Crown Equipment Corporation Industrial Electric Vehicle Product Portfolio
8.4.5 Crown Equipment Corporation Recent Developments
8.5 Hyster-Yale
8.5.1 Hyster-Yale Company Information
8.5.2 Hyster-Yale Business Overview
8.5.3 Hyster-Yale Industrial Electric Vehicle Sales, Revenue, Price and Gross Margin (2021-2026)
8.5.4 Hyster-Yale Industrial Electric Vehicle Product Portfolio
8.5.5 Hyster-Yale Recent Developments
8.6 John Deere
8.6.1 John Deere Company Information
8.6.2 John Deere Business Overview
8.6.3 John Deere Industrial Electric Vehicle Sales, Revenue, Price and Gross Margin (2021-2026)
8.6.4 John Deere Industrial Electric Vehicle Product Portfolio
8.6.5 John Deere Recent Developments
8.7 Jungheinrich AG
8.7.1 Jungheinrich AG Company Information
8.7.2 Jungheinrich AG Business Overview
8.7.3 Jungheinrich AG Industrial Electric Vehicle Sales, Revenue, Price and Gross Margin (2021-2026)
8.7.4 Jungheinrich AG Industrial Electric Vehicle Product Portfolio
8.7.5 Jungheinrich AG Recent Developments
8.8 Kion Group GmbH
8.8.1 Kion Group GmbH Company Information
8.8.2 Kion Group GmbH Business Overview
8.8.3 Kion Group GmbH Industrial Electric Vehicle Sales, Revenue, Price and Gross Margin (2021-2026)
8.8.4 Kion Group GmbH Industrial Electric Vehicle Product Portfolio
8.8.5 Kion Group GmbH Recent Developments
8.9 Liberty Electric Cars
8.9.1 Liberty Electric Cars Company Information
8.9.2 Liberty Electric Cars Business Overview
8.9.3 Liberty Electric Cars Industrial Electric Vehicle Sales, Revenue, Price and Gross Margin (2021-2026)
8.9.4 Liberty Electric Cars Industrial Electric Vehicle Product Portfolio
8.9.5 Liberty Electric Cars Recent Developments
8.10 MAN Truck & Bus AG
8.10.1 MAN Truck & Bus AG Company Information
8.10.2 MAN Truck & Bus AG Business Overview
8.10.3 MAN Truck & Bus AG Industrial Electric Vehicle Sales, Revenue, Price and Gross Margin (2021-2026)
8.10.4 MAN Truck & Bus AG Industrial Electric Vehicle Product Portfolio
8.10.5 MAN Truck & Bus AG Recent Developments
8.11 Toyota Motor
8.11.1 Toyota Motor Company Information
8.11.2 Toyota Motor Business Overview
8.11.3 Toyota Motor Industrial Electric Vehicle Sales, Revenue, Price and Gross Margin (2021-2026)
8.11.4 Toyota Motor Industrial Electric Vehicle Product Portfolio
8.11.5 Toyota Motor Recent Developments
8.12 Valence Technologies
8.12.1 Valence Technologies Company Information
8.12.2 Valence Technologies Business Overview
8.12.3 Valence Technologies Industrial Electric Vehicle Sales, Revenue, Price and Gross Margin (2021-2026)
8.12.4 Valence Technologies Industrial Electric Vehicle Product Portfolio
8.12.5 Valence Technologies Recent Developments
8.13 VISEDO Oy
8.13.1 VISEDO Oy Company Information
8.13.2 VISEDO Oy Business Overview
8.13.3 VISEDO Oy Industrial Electric Vehicle Sales, Revenue, Price and Gross Margin (2021-2026)
8.13.4 VISEDO Oy Industrial Electric Vehicle Product Portfolio
8.13.5 VISEDO Oy Recent Developments
8.14 ZNTK Radom
8.14.1 ZNTK Radom Company Information
8.14.2 ZNTK Radom Business Overview
8.14.3 ZNTK Radom Industrial Electric Vehicle Sales, Revenue, Price and Gross Margin (2021-2026)
8.14.4 ZNTK Radom Industrial Electric Vehicle Product Portfolio
8.14.5 ZNTK Radom Recent Developments
9 North America
9.1 North America Industrial Electric Vehicle Market Size by Type
9.1.1 North America Industrial Electric Vehicle Revenue by Type (2021-2032)
9.1.2 North America Industrial Electric Vehicle Sales by Type (2021-2032)
9.1.3 North America Industrial Electric Vehicle Price by Type (2021-2032)
9.2 North America Industrial Electric Vehicle Market Size by Application
9.2.1 North America Industrial Electric Vehicle Revenue by Application (2021-2032)
9.2.2 North America Industrial Electric Vehicle Sales by Application (2021-2032)
9.2.3 North America Industrial Electric Vehicle Price by Application (2021-2032)
9.3 North America Industrial Electric Vehicle Market Size by Country
9.3.1 North America Industrial Electric Vehicle Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
9.3.2 North America Industrial Electric Vehicle Sales by Country (2021 VS 2025 VS 2032)
9.3.3 North America Industrial Electric Vehicle Price by Country (2021-2032)
9.3.4 United States
9.3.5 Canada
9.3.6 Mexico
10 Europe
10.1 Europe Industrial Electric Vehicle Market Size by Type
10.1.1 Europe Industrial Electric Vehicle Revenue by Type (2021-2032)
10.1.2 Europe Industrial Electric Vehicle Sales by Type (2021-2032)
10.1.3 Europe Industrial Electric Vehicle Price by Type (2021-2032)
10.2 Europe Industrial Electric Vehicle Market Size by Application
10.2.1 Europe Industrial Electric Vehicle Revenue by Application (2021-2032)
10.2.2 Europe Industrial Electric Vehicle Sales by Application (2021-2032)
10.2.3 Europe Industrial Electric Vehicle Price by Application (2021-2032)
10.3 Europe Industrial Electric Vehicle Market Size by Country
10.3.1 Europe Industrial Electric Vehicle Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
10.3.2 Europe Industrial Electric Vehicle Sales by Country (2021 VS 2025 VS 2032)
10.3.3 Europe Industrial Electric Vehicle 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 Industrial Electric Vehicle Market Size by Type
11.1.1 China Industrial Electric Vehicle Revenue by Type (2021-2032)
11.1.2 China Industrial Electric Vehicle Sales by Type (2021-2032)
11.1.3 China Industrial Electric Vehicle Price by Type (2021-2032)
11.2 China Industrial Electric Vehicle Market Size by Application
11.2.1 China Industrial Electric Vehicle Revenue by Application (2021-2032)
11.2.2 China Industrial Electric Vehicle Sales by Application (2021-2032)
11.2.3 China Industrial Electric Vehicle Price by Application (2021-2032)
12 Asia (Excluding China)
12.1 Asia Industrial Electric Vehicle Market Size by Type
12.1.1 Asia Industrial Electric Vehicle Revenue by Type (2021-2032)
12.1.2 Asia Industrial Electric Vehicle Sales by Type (2021-2032)
12.1.3 Asia Industrial Electric Vehicle Price by Type (2021-2032)
12.2 Asia Industrial Electric Vehicle Market Size by Application
12.2.1 Asia Industrial Electric Vehicle Revenue by Application (2021-2032)
12.2.2 Asia Industrial Electric Vehicle Sales by Application (2021-2032)
12.2.3 Asia Industrial Electric Vehicle Price by Application (2021-2032)
12.3 Asia Industrial Electric Vehicle Market Size by Country
12.3.1 Asia Industrial Electric Vehicle Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
12.3.2 Asia Industrial Electric Vehicle Sales by Country (2021 VS 2025 VS 2032)
12.3.3 Asia Industrial Electric Vehicle 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 Industrial Electric Vehicle Market Size by Type
13.1.1 SAMEA Industrial Electric Vehicle Revenue by Type (2021-2032)
13.1.2 SAMEA Industrial Electric Vehicle Sales by Type (2021-2032)
13.1.3 SAMEA Industrial Electric Vehicle Price by Type (2021-2032)
13.2 SAMEA Industrial Electric Vehicle Market Size by Application
13.2.1 SAMEA Industrial Electric Vehicle Revenue by Application (2021-2032)
13.2.2 SAMEA Industrial Electric Vehicle Sales by Application (2021-2032)
13.2.3 SAMEA Industrial Electric Vehicle Price by Application (2021-2032)
13.3 SAMEA Industrial Electric Vehicle Market Size by Country
13.3.1 SAMEA Industrial Electric Vehicle Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
13.3.2 SAMEA Industrial Electric Vehicle Sales by Country (2021 VS 2025 VS 2032)
13.3.3 SAMEA Industrial Electric Vehicle 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 Industrial Electric Vehicle Value Chain Analysis
14.1.1 Industrial Electric Vehicle Key Raw Materials
14.1.2 Raw Materials Key Suppliers
14.1.3 Manufacturing Cost Structure
14.1.4 Industrial Electric Vehicle Production Mode & Process
14.2 Industrial Electric Vehicle Sales Channels Analysis
14.2.1 Direct Comparison with Distribution Share
14.2.2 Industrial Electric Vehicle Distributors
14.2.3 Industrial Electric Vehicle 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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