A new market intelligence report today projects that the iPhone 16 launch will help Apple’s revenue will hit a record $400B this year.

Indeed, Counterpoint research predicts that all of Apple’s key hardware product lines are likely to experience growth this year …

Apple’s 2023 revenue experienced a year-on-year fall, but Counterpoint expects this to be reversed in 2024.

Apple’s global revenues are expected to cross the $400-billion mark for the first time in 2024, according to Counterpoint Research’s latest projections. This record number is expected to be driven by growth in both hardware and services segments.

After a decline in 2023 Apple’s hardware revenues are expected to grow 3% YoY in 2024. All the key hardware segments – iPhone, iPad, Mac, Watch, AirPods – are likely to drive this growth supported by new launches […] Services revenue will continue to grow and reach record levels in 2025, crossing the $100-billion mark for the first time.

While Services revenue has become increasingly important to Apple, and often turned what would have been a very disappointing quarterly earnings report into an ok one, the company still makes 75% of its revenue from hardware.

Counterpoint Research Director Tarun Pathak said that Apple Intelligence will be key to driving new hardware sales.

“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.”

We’ve frequently noted that since the iPhone 15 Pro and Pro Max are the only two existing iPhones capable of running Apple Intelligence features, the iPhone 16 is likely to see a great deal of demand.

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