Apple, the most valuable company is the world is making the news since it is believed to surpass $400 billion in global revenue for the first time in 2024 as per the recent projections by the market research firm Counterpoint Research. It shall be on the back of both its hardware and services sectors that such an increase in the sales is anticipated.
Apple Forecasts 3% Growth in Hardware Sales for 2024 After Previous Revenue Declines
Notably, the Cupertino based giant had 4 consecutive quarters of revenue decline last year, Apple is projected to achieve a 3% annual growth in its hardware division in 2024. In the year 2023, the company reported hardware sales of $298 billion in fiscal year 2023.
As opposed to last year, this year 2024 would bring new product launches across all the categories including iPhone, iPad, Mac, Watch, and AirPods.
AirPods May Lead Growth in Apple’s 2024 Line-up, Boosted by AI Innovations and Record Service Revenue
As per the market research firm, this year, AirPods may become the fastest-growing segment this year, with announcements expected on September 9, alongside the iPhone 16 series and new Apple Watch models.
What would further boost the sales would be the launch of Apple Intelligence, which is Apple’s collection of artificial intelligence features for its products, as these features will not be accessible on older iPhone models.
It would be during the Western holiday season that the sales are expected to surge and the analysts are predicting a 7% revenue increase to $128.4 billion.
In addition to this, Apple is projected to achieve record service revenue, surpassing $100 billion, up from $85.2 billion in fiscal year 2023, with hardware growth likely continuing into 2025.
As per the Director at Counterpoint Research, Tarun Pathak, the services segment is really set to expand at a significantly faster rate than the hardware sector. He added that “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”.
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