Apple Inc. is set to achieve a milestone by exceeding $400 billion in global revenues for the first time in 2024, driven by strong performance in both its hardware and services sectors, according to Counterpoint Research.After a revenue dip in 2023, Apple’s hardware revenues are expected to grow by 3 percent year-over-year this year. This growth is anticipated to come from strong sales across its key hardware categories, including iPhone, iPad, Mac, Watch, and AirPods, with AirPods projected to be the fastest-growing category.
Tarun Pathak, Director at Counterpoint Research, noted that while the services segment, enhanced by the new Apple Intelligence, is likely to see faster growth, hardware remains crucial for Apple’s revenue. "Apple Intelligence is driving excitement in the services sector, which is set to grow rapidly. Nevertheless, hardware is still the primary revenue generator, contributing to three-fourths of Apple’s total global revenue", Pathak explained.
The report also predicts that Apple’s services revenue will break new records, exceeding $100 billion by 2025. The introduction of Apple Intelligence is expected to increase services revenue by 10-15 percent in the coming years, depending on how Apple monetizes these innovations. By 2025, services revenue is projected to surpass hardware revenue, excluding iPhones.
In addition, Apple is poised to make a significant impact on the Indian job market. With strong local production, the company plans to create between 500,000 and 600,000 jobs, both directly and indirectly, over the next 1-2 years. iPhone exports from India are maintaining a steady pace of $1 billion per month, thanks to the government’s production-linked incentive (PLI) scheme. Currently, over 200,000 individuals are employed within Apple’s ecosystem in India, with expectations of further growth as Apple aims to manufacture more than 50 million iPhones annually in the country, reducing its reliance on Chinese production.