In 2023, the import of tractors to China stood at 552.75 million US dollars. Over the last two years, there has been a positive annual growth of 3.61% in 2023 and 3.82% in 2022, indicating stable year-on-year growth. Since 2013, the market has experienced fluctuations, including significant growth in 2016 and 2017 and a slight decrease in 2018. The compounded annual growth rate (CAGR) for the last five years is approximately 5.05%.
Future trends to watch for include:
- Continued moderate growth with a forecasted 5-year CAGR of 2.62% leading to 2028.
- The influence of technology integration in agricultural practices potentially increasing demand.
- Possible impacts of government policies aiming at boosting agriculture and mechanization.
