Market Size of China Agricultural Machinery Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.80 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
China Agricultural Machinery Market Analysis
The Chinese agricultural machinery market is projected to record a CAGR of 5.8% during the forecast period 2022-2027.
During the COVID-19 pandemic, the Chinese agricultural machinery market saw a sharp dip, and the most affected businesses were the dealership networks due to disruptions in the supply chain. Additionally, manufacturing units were not 100% active. Due to travel restrictions, production of goods got delayed as supply was interrupted, resulting in a sharp decrease in tractor sales during the pandemic. Thus, the COVID-19 pandemic negatively impacted the Chinese agricultural machinery market.
China is one of the largest manufacturers of farming equipment and the largest market for agricultural machinery globally. Most agricultural machinery industries are mainly concentrated in Shandong, Henan, Jiangsu, Liaoning, and Zhejiang provinces. The bestselling types of agriculture machinery in the country include large tractors and harvesting machinery products with high horsepower and high degrees of automation. Nearly 2,500 agricultural equipment manufacturers are concentrated only in the provinces of Shandong, Henan, Jiangsu, Liaoning, and Zhejiang. Although the agricultural machinery industry is evolving in terms of technology, over the long term, decreasing human capital, increasing labor wages in agriculture, and government initiatives for farm mechanization are expected to boost the market's growth.
