Seven years is not required now, if it ever really was.
They are only required to support the product for the
duration of the warranty period, and this can include
just replacing the product with a refurb or "equivalent"
model.

NOT SO.

A few years back, manufacturers were legally obliged to stock electrical parts
for 10 years, mechanical for 7, and cosmetic for 5 (or was it 3). What the law
currently is, I don't know.