Between 2013 and 2023, the power of agricultural machinery in China has exhibited a fluctuating yet overall upward trend. In 2023, the power stood at 110.93 ten million kilowatts. Year-on-year variations have shown periods of growth and decline, with notable drops in 2016 (-12.96%) and more moderate increases in recent years, including 2023 (1.44%). The CAGR over the last five years has averaged around 2.02%, indicating steady growth.
Looking forward, from 2024 through 2028, forecast data indicates a continuation of this upward trend, albeit at a slower pace with an anticipated CAGR of 1.06% and an overall growth rate of 5.41%. Future trends to watch for include advancements in agricultural technologies, government policies supporting mechanization, and the impact of environmental sustainability initiatives on machinery power requirements.
Latest reports
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