Apple’s global revenues to surpass $400 billion for first time this year

Following a decline in 2023, Apple's hardware revenues are projected to grow by 3% year-on-year in 2024, according to Counterpoint Research. This growth is expected to be driven by all major hardware segments, including the iPhone, iPad, Mac, Watch, and AirPods, with new launches playing a key role. AirPods may become the fastest-growing segment this year.

New Delhi: Driven by growth in both hardware and services segments, Apple’s global revenues are expected to cross the $400-billion mark for the first time in 2024, a report said on Wednesday.

After a decline in 2023, Apple’s hardware revenues are expected to grow 3 per cent (year-on-year) in 2024, according to Counterpoint Research.

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All the key hardware segments – iPhone, iPad, Mac, Watch, AirPods – are likely to drive this growth supported by new launches. AirPods could emerge as the fastest-growing segment this year.

“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,” said Tarun Pathak, Director, Counterpoint Research.

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,” Pathak mentioned.

Meanwhile, services revenue will continue to grow and reach record levels in 2025, crossing the $100-billion mark for the first time.

Apple Intelligence could boost the services revenue by at least 10-15 per cent in coming years depending on how Apple chooses to monetise, the report mentioned.

In 2025, the revenue from services is likely to become bigger than the revenue from hardware excluding iPhones.

Meanwhile, riding on robust local production, Apple is all set to create 5-6 lakh jobs (direct and indirect) in the coming 1-2 years in India. The iPhone exports continue to clock around $1 billion each month thanks to the government’s production-linked incentive (PLI) scheme.

According to the government, in the ecosystem of Apple alone, more than 2 lakh people have got employment and there is good amount of growth. Apple aims to manufacture more than 50 million iPhones in India per year, as it aims to shift some of the production out from China.