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The striker has scored 12 goals for City, but they are bottom of their Champions League group and six points behind Premier League leaders Chelsea.
"Of course we understand the people who have been criticising us," 26-year-old Aguero told Football Focus.
"The club invests in top players and the fans want to see more from us."
Aguero added: "But we still have time to put things right. The supporters here are more respectful and patient but they still expect a bit more from all of us. We can still turn it around, though."
The Argentina international scored the winner as City began the week by winning 1-0 in a tumultuous Manchester derby.
But on Wednesday, they were booed off the field after losing 2-1 at home to Russian side CSKA Moscow.
City's Champions League record since they first played in the competition in 2011 is played 24, won eight, drawn six, lost 10. They have not kept a clean sheet in nine home games.
Manuel Pellegrini's team could go out even if they win their next two games against Roma and Bayern Munich.
"In the Champions League, we are not currently in the position we want to be," said Aguero.  "It's not what we were expecting. The only thing we can do is to keep going, we still have two games to play and we have to win both, and then wait and see how the other results go.
"In spite of how badly things have gone in the Champions League, we are still fortunate enough to be able to qualify. So it's up to us."
Sergio Aguero says he can understand why Manchester City have been criticised this season, but expects their form to quickly improve.