Apple's Global Revenues to Exceed $400 Billion for First Time This Year: Report

By siliconindia  |  Wednesday, 28 August 2024, 11:54:30 AM IST

Apple's Global Revenues to Exceed $400 Billion for First Time This Year: Report
Apple Inc. is poised to cross the $400 billion revenue threshold for the first time in 2024, driven by significant growth in both hardware and services, according to a recent report by Counterpoint Research.
Following a revenue decline in 2023, Apple’s hardware sales are projected to grow by 3 percent year-on-year this year. This increase is expected to be fueled by robust performance across all major hardware segments, including the iPhone, iPad, Mac, Watch, and AirPods, with AirPods anticipated to be the fastest-growing segment.
Tarun Pathak, Director at Counterpoint Research, highlighted that while the services segment, bolstered by the new Apple Intelligence, is set to experience faster growth rates, hardware remains pivotal to Apple’s revenue. "With the introduction of Apple Intelligence, the services segment is generating significant excitement and is poised for impressive growth. However, in terms of absolute revenue, hardware continues to be a major driver, contributing to three-fourths of Apple’s global revenues," Pathak said.
The report also forecasts that Apple's services revenue will set new records, surpassing $100 billion for the first time by 2025. Apple Intelligence is expected to boost services revenue by 10-15 percent in the coming years, depending on the company's monetization strategies. By 2025, services revenue is likely to exceed hardware revenue, excluding iPhones.
In addition to these financial milestones, Apple is set to significantly impact the Indian job market. With robust local production, the company is expected to create 500,000 to 600,000 direct and indirect jobs in the next 1-2 years. iPhone exports from India are maintaining a steady rate of $1 billion per month, supported by the government’s production-linked incentive (PLI) scheme. More than 200,000 people are currently employed within Apple’s ecosystem in India, with further growth anticipated as Apple aims to manufacture over 50 million iPhones annually in the country, shifting some production away from China.

ON THE DECK

Top Banner

Related Articles