• Apple’s revenues are expected to reach a record high in 2024, crossing the $400-billion mark.
• The growth will be driven by both hardware (3% YoY) and services (14% YoY).
• In 2025, the revenue from services is likely to become bigger than the revenue from hardware excluding iPhones.

Seoul, Beijing, Boston, Buenos Aires, Fort Collins, Hong Kong, London, New Delhi, Taipei, Tokyo – August 28, 2024

Apple’s global revenues are expected to cross the $400-billion mark for the first time in 2024, according to Counterpoint Research’s latest projections. This record number is expected to be driven by growth in both hardware and services segments.

After a decline in 2023 Apple’s hardware revenues are expected to grow 3% YoY in 2024. All the key hardware segments – iPhone, iPad, Mac, Watch, AirPods – are likely to drive this growth supported by new launches. Further, AirPods could emerge as the fastest-growing segment in 2024. The growth in hardware is likely to continue in 2025 as well. Meanwhile, as stated in our note earlier, services revenue will continue to grow and reach record levels in 2025, crossing the $100-billion mark for the first time.

Commenting on the hardware revenue growth, Counterpoint Research Director Tarun Pathak said, “In terms of growth rates, and now with the advent of Apple Intelligence, the services segment does seem very exciting. It is poised to grow at a much faster rate than hardware. However, in terms of absolute revenue growth, hardware remains critical in pushing the needle considering it contributes to three-fourths of Apple’s global revenues. After a decline in 2023, 2024 will see growth in several key hardware categories driven by multiple launches. Then there is also a promise of Apple Intelligence being implemented across hardware segments, which has once again created some excitement and could drive upgrades.”

Commenting on the services revenue growth, Counterpoint Research Senior Analyst Varun Mishra said, “Services will continue to grow much faster than hardware. In 2025, the revenue from services is likely to become larger than that for hardware excluding iPhones. Apple will also look to monetize Apple Intelligence. However, it will take time, considering the launch of features across regions would be staggered and Apple will also wait to understand which services should be monetized within Apple Intelligence. Apple Intelligence could boost the services revenue by at least 10%-15% in coming years depending on how Apple chooses to monetize.”

Background

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

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