Counterpoint Research on Wednesday (August 28, 2024) shared a forecast predicting Apple’s global revenues are expected to cross the $400 billion mark for the first time in 2024 by growth in both hardware and services segments.

iPhone, iPad, Mac, Watch, AirPods are likely to drive this growth supported by new launches.

Apple has scheduled September 9 to launch iPhone 16 series which might bring iPhone 16, iPhone 16 Plus, iPhone 16 Pro and iPhone 16 Pro Max to the table.

After a decline in 2023, Apple’s hardware revenues are expected to grow 3% YoY in 2024, the research firm said.

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AirPods could also emerge as the fastest-growing segment in 2024, it added.

The growth in hardware is likely to continue in 2025 as well.

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

“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. 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,” said Counterpoint Research Director Tarun Pathak.