China: Market for Forage Harvesters and Other Harvesting Machines 2024

Market Size for Forage Harvesters and Other Harvesting Machines in China

In 2021, after two years of decline, there was significant growth in the Chinese market for forage harvesters and other harvesting machines, when its value increased by 8.7% to $X. The market value increased at an average annual rate of +1.2% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market failed to regain momentum.

Production of Forage Harvesters and Other Harvesting Machines in China

In value terms, production of forage harvesters and other harvesting machines rose remarkably to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.1% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 when the production volume increased by 15% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, production of growth remained at a somewhat lower figure.

Exports of Forage Harvesters and Other Harvesting Machines

Exports from China

In 2021, approx. X units of forage harvesters and other harvesting machines were exported from China; waning by -75.4% against the previous year's figure. Over the period under review, exports, however, enjoyed strong growth. The most prominent rate of growth was recorded in 2016 with an increase of 439% against the previous year. Over the period under review, the exports of hit record highs at X units in 2020, and then fell rapidly in the following year.

In value terms, exports of forage harvesters and other harvesting machines fell remarkably to $X in 2021. Overall, exports, however, recorded resilient growth. The pace of growth was the most pronounced in 2016 when exports increased by 369%. Over the period under review, the exports of reached the maximum at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

Turkmenistan (X units), India (X units) and Turkey (X units) were the main destinations of exports of forage harvesters and other harvesting machines from China, together comprising 48% of total exports. These countries were followed by Nepal, Senegal, Thailand, Iran, the United Arab Emirates, Nigeria, Peru and Indonesia, which together accounted for a further 24%.

From 2012 to 2021, the biggest increases were recorded for Nepal (with a CAGR of +116.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X) emerged as the key foreign market for forage harvesters and other harvesting machines exports from China, comprising 27% of total exports. The second position in the ranking was taken by Thailand ($X), with a 13% share of total exports. It was followed by Turkmenistan, with an 8.9% share.

From 2012 to 2021, the average annual growth rate of value to Turkey amounted to +75.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+43.5% per year) and Turkmenistan (+22.4% per year).

Export Prices by Country

In 2021, the average export price for forage harvesters and other harvesting machines amounted to $X per unit, increasing by 19% against the previous year. In general, the export price, however, continues to indicate a slight downturn. Over the period under review, the average export prices reached the peak figure at $X per unit in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Thailand ($X per unit), while the average price for exports to Turkmenistan ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+28.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Forage Harvesters and Other Harvesting Machines

Imports into China

In 2021, after four years of growth, there was significant decline in overseas purchases of forage harvesters and other harvesting machines, when their volume decreased by -31.3% to X units. Overall, imports saw a abrupt curtailment. The most prominent rate of growth was recorded in 2017 when imports increased by 81%. Over the period under review, imports of attained the maximum at X units in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, imports of forage harvesters and other harvesting machines reduced remarkably to $X in 2021. Over the period under review, imports showed a deep reduction. The most prominent rate of growth was recorded in 2017 with an increase of 76%. Imports peaked at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Germany (X units) constituted the largest supplier of forage harvesters and other harvesting machines to China, accounting for a 66% share of total imports. Moreover, imports of forage harvesters and other harvesting machines from Germany exceeded the figures recorded by the second-largest supplier, the United States (X units), fourfold. Italy (X units) ranked third in terms of total imports with a 7.7% share.

From 2012 to 2021, the average annual growth rate of volume from Germany totaled +20.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-21.1% per year) and Italy (+10.6% per year).

In value terms, Germany ($X) constituted the largest supplier of forage harvesters and other harvesting machines to China, comprising 60% of total imports. The second position in the ranking was taken by the United States ($X), with a 26% share of total imports. It was followed by Italy, with an 8.4% share.

From 2012 to 2021, the average annual growth rate of value from Germany stood at +20.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-16.8% per year) and Italy (+12.9% per year).

Import Prices by Country

In 2021, the average import price for forage harvesters and other harvesting machines amounted to $X per unit, waning by -29.4% against the previous year. Over the period under review, import price indicated a slight expansion from 2012 to 2021: its price increased at an average annual rate of +1.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2019 an increase of 36% against the previous year. Over the period under review, average import prices reached the peak figure at $X per unit in 2020, and then fell rapidly in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per unit), while the price for Belgium ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+5.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :