Apple poised to exceed $400 Billion in revenue by 2024: Counterpoint Research

Apple is projected to achieve a 3% annual growth in its hardware division in 2024.

According to recent projections from market research firm Counterpoint Research, Apple is anticipated to surpass $400 billion in global revenue for the first time in 2024. This increase is driven by strong sales in both its hardware and services sectors.

After facing four consecutive quarters of revenue decline last year, Apple is projected to achieve a 3% annual growth in its hardware division in 2024. The company reported hardware sales of $298 billion in fiscal year 2023.

In contrast to the previous year, 2024 is set to feature new product launches across all categories, including iPhone, iPad, Mac, Watch, and AirPods.

Counterpoint also suggests that 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.

The launch of Apple Intelligence, which is Apple's collection of artificial intelligence features for its products, is expected to boost sales, as these features will not be accessible on older iPhone models.

Sales are expected to surge in the upcoming quarter during the Western holiday season, with analysts predicting a 7% revenue increase to $128.4 billion. Additionally, 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.

Tarun Pathak, director at Counterpoint Research, believes that the services segment is set to expand at a significantly faster rate than the hardware sector. “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,” he added.