The number of small tractors in China has seen a fluctuating trend over the past decade, initially decreasing from 17.523 million units in 2013 to 16.342 million units in 2017. Following a brief surge to 18.183 million units in 2018, the numbers declined again, reaching 16.585 million units in 2023. The period from 2013 to 2023 showed varied year-on-year movements, with notable annual fluctuations. The overall compound annual growth rate (CAGR) over the last five years is -1.82%.
Future projections suggest a continual decline, with forecasted numbers reducing to 16.179 million units by 2028, indicating a forecasted 5-year CAGR of -0.39%. This indicates the market is expected to contract at a slow pace.
Future trends to watch for include technological advancements in agriculture, policy changes affecting farm mechanization, and shifts in agricultural practices that could influence the demand for small tractors.
