The world market for hydraulic components used in industrial applications grew 25% to reach $7.9 billion in 2010 as almost two thirds of revenues lost during the downturn in 2009 were recovered. This strong growth carried over into 2011, and the latest indications are that growth of 13% will ensure global revenues reach almost $9 billion by the end of the year representing a return to 2008 levels. However, whilst overall revenues may have returned to familiar levels, the proportion of the market accounted for by each major region continues to change significantly.
As of 2008, EMEA represented over 40% of the industrial market for hydraulic components, and estimated to be $3.6bn, which was 10% ($895m) larger than Asia Pacific. However after the 2009 market decline and subsequent recovery in 2010, the sustained momentum of Chinese industry had effectively offset the 40% contractions seen in Japan so that Asia Pacific accounted for almost 35% of global revenues. This represented a market share increase of almost five percent in two years.