Apple’s global revenue is set to break the $400 billion mark in 2024, driven by strong growth in both hardware and services. This projection comes from the latest Counterpoint Research report.
Boost in Hardware Sales
After a decline in 2023, Apple’s hardware revenue is expected to grow by 3% in 2024. New product launches, including the iPhone, iPad, Mac, and AirPods, are key contributors to this growth. Notably, AirPods are poised to become Apple’s fastest-growing product in 2024.
Services Revenue Surges
The services sector is growing even faster than hardware, with revenue expected to surpass hardware (excluding iPhones) by 2025. Apple Intelligence, a new initiative, aims to enhance service offerings, potentially boosting service revenue by 10%-15% in the coming years.
Expert Insights
Tarun Pathak, Director at Counterpoint Research, highlights the critical role of hardware in Apple’s revenue despite the rapid growth in services. Senior Analyst Varun Mishra adds that services will continue to expand rapidly, particularly with the rollout of Apple Intelligence.
Market Outlook
Apple’s strong performance in both hardware and services sets a positive tone for 2024 and beyond. The company’s ongoing innovation and expansion are expected to continue driving its global market presence.
