The turnover of the wholesale of agricultural machinery in China saw significant fluctuations over the years. From 2013 to 2017, the industry experienced substantial growth, with the value reaching its peak in 2017. However, from 2018 onwards, the industry faced sharp declines, notably in 2019, followed by modest recovery and stabilization from 2020 to 2023. As of 2023, the turnover stood at 174.78 hundred million Yuans Renminbi. Over the past five years, the average annual change rate (CAGR) was -7.96%, reflecting the challenging conditions faced by the industry. Forecasts from 2024 to 2028 indicate a very modest growth rate, with a 5-year CAGR of 0.27%, suggesting a period of stabilization with minor improvement.
Future trends to watch for include:
- Technological advancements in agricultural machinery which could drive a shift from traditional equipment to more sophisticated, high-efficiency machinery.
- Government policies and subsidies aimed at promoting agricultural mechanization.
- Environmental concerns influencing the demand for eco-friendly machinery.
- Potential impacts of global supply chain disruptions on the availability of agricultural machinery components.
