GLOBAL: The value of the Chinese advertising market grew 3.5 times from 2006 to 2015, while the US market remained unchanged over the same period, new research from Warc has revealed.

These findings are released in the latest Global Ad Trends report, a unique analysis of the data recorded in Warc's survey of global advertising expenditure, which has run annually since 1980 and involves input from partners in 96 reporting markets.

As well as confirming that China was the fastest-growing ad market over the last decade in absolute terms, the study contains the encouraging news that the overall value of global adspend – when adjusted for inflation and currency fluctuations – is now on a par with the peak that preceded the global financial crash.

"By the purest measure available, the combined value of ad trade worldwide took a full eight years to recover from the global financial crisis," said James McDonald, Senior Data Analyst at Warc and author of the research.

"It is also fascinating to note the juxtaposed trajectories of the world's two largest advertising markets," he added. "While the amount spent to secure ad space in the US remained unchanged during the ten years to 2015, that spent in China grew three and a half times over this period."

Global Ad Trends: Third Edition

Download a free summary report of this year's findings here.

In further evidence of the strength of ad market in China, it is estimated that mobile became the largest ad platform in the country this year.

That makes China the first of the markets covered in the study to witness such a development, although mobile is also expected to deliver strong results in the US, where it is forecast to become the second-largest ad channel next year with an estimated value of $40bn.

Yet despite the rise of mobile, TV remained the largest medium for adspend in 2015 when all channels are covered, having generated $195bn worldwide.

However, Warc calculated that global TV ad revenues would have been $17.8bn higher if it wasn't for the strengthening of the US dollar, which also removed a total of $44.8bn from all global ad revenues.

The opposite was true when measuring market growth in euros, as the currency's depreciation created €37.3bn of superficial growth last year.

As McDonald explained: "Our extensive research provides a comprehensive overview of the marketing communications industry spanning more than 30 years and our unique methodology allows us to measure the impact of currency fluctuations on advertising investment at a local and global level."

Also among the findings was the revelation that Hong Kong spent the most on advertising per capita in 2015, at US$782.33. The US followed in second (US$523.74), with Australia (US$467.18) in third.

Data sourced from Warc