If a portion of an item which uses some sort of api, at some point in the future seize to work (because the api provider ended its support), and the feature is removed totally from the item and its description. Will a buyer be entitled for a refund
If the feature was there in item features and item description when he bought it, then yes, I would say yes, he can ask for a refund.
I mean it’s like he bought a car with four wheels, but when you deliver the car, you deliver it only with three wheels (although he paid for four wheels)
But this is only my personal opinion, you’d better ask Envato Help&Support about this 
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even when it is not the authors fault.
Yes unfortunately yes
That’s the bad part when you build items based on third party APIs (I know myself too )
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But as I already mentioned, this is just my personal opinion, you should better ask Envato help&Support about this.
@hevada is right that you need to ask support but ifthe item serves the purpose at the time of release, and the chnage is beyond the authors control then I imagine that buyers would only get a refund if the purchase was less than max 6 months ago (possibly even less than that)
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Yes, I agree with you. The buyer should be refunded if his/her purchase code is still valid. That’s the way I myself have resolved some cases like this.
What if we already mention a statement inside our product that - “our product depends on third party apis and we will not provide any support or refund if third party api providers stop its services.”
Something like purchase a car at your own risk, we have no responsibility related to wheels.