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% year-over-year (YoY) in 2024, according to Counterpoint.. All the key hardware segments – iPhone, iPad, Mac, Apple Watch, AirPods – are likely to drive this growth supported by new launches. What’s more, AirPods could emerge as the fastest-growing segment in 2024.
The growth in hardware is likely to continue in 2025 as well. Meanwhile, Counterpoint says that Apple Services revenue will continue to grow and reach record levels in 2025, crossing the $100-billion mark for the first time.
“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,” says Counterpoint Research Director Tarun Pathak. “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.”
Senior Analyst Varun Mishra adds: ““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.”
