Forecast: Turnover of Agricultural Machinery in China

The turnover of agricultural machinery in China saw significant growth from 2013 to 2016, culminating in a peak in 2017. However, this was followed by a sharp decline from 2018 to 2019 and a steady dip until 2020. By 2023, the turnover slightly stabilized at 180.27 hundred million Yuan Renminbi. Over the past two years, the turnover exhibited nominal growth, with minor year-on-year variations of 0.51% in 2023. The five-year CAGR until 2023 registered a negative growth rate of -7.73%, marking a declining trend.

From 2024 onwards, the turnover is forecasted to exhibit modest growth, with an average annual increase of 0.25%. This stability indicates a possible rebound or stabilization of the market. Future trends to watch for include the adaptation of smart agriculture technologies, increasing subsidies, and government policies promoting the modernization of agriculture, which may impact the turnover of agricultural machinery positively.