Apple is one of the most influential and recognisable brands in the world, responsible for the rise of the smartphone with the iPhone. Valued at over $2 trillion in 2021, it is also the most valuable technology company in the world.
Originally known for desktop computers, Apple was one of the first companies to switch to the graphical user interface (GUI) and saw success with the first Macintosh. Steve Jobs, the founder and CEO, was one of technology’s first “rockstars”, able to sell hardware as more than a tool for work.
Jobs resigned from Apple in 1985 and the company saw a gradual decline over the 1990s, as it struggled to compete with Microsoft on software and Windows manufacturers on hardware sales.
In a last ditch effort to save the company, Apple acquired Jobs’ company NeXT and installed him as advisor and then CEO. He turned the company’s fortunes around, launching iTunes and iPod in 2001.
The iPhone saw Apple ascend to one of the most valuable companies in the world, with revenue increasing from $37.4 billion in 2008 to $65 billion in 2010.
The success of the iPhone enabled Apple to launch new product categories, such as the iPad. Apple envisioned the tablet as a bridge between the smartphone and laptop, with the capabilities to be both.
As iPhone revenues have stagnated, Apple has looked for new ways to generate revenue from the iPhone. It launched Apple Watch in 2015, as an accessory to the iPhone which tracks various health and fitness metrics. AirPods were next, which paved the way for wireless headphones to become mainstream.
It has also built out its subscription services to include music and video streaming, video games, fitness and cloud storage. This segment alone generated $53 billion revenue in 2020, making it Apple’s second largest segment.
All eyes are on Apple’s next products, which may include a virtual reality headset and self-driving car. The past few product launches have been smaller in scope, like the HomePod and AirPod, and Apple fans are clamouring for the next iPhone.
Note: Apple’s financial year ends in September.
Apple Key Statistics
- Apple generated $390.8 billion revenue in 2023, 51% came from iPhone sales
- Apple Services is the second largest division, responsible for 24% of revenue in 2024
- 231 million iPhones, 49 million iPads and 22 million Mac and MacBook units were sold in 2023
- Apple’s home and wearables division declined by 6.5% in 2023
- It sold 75 million AirPods and 38 million Apple Watches in 2023
- Apple Music has 93 million subscribers, Apple TV+ has 47 million
Apple Overview
| Title 1 | Title 2 |
|---|---|
| Date founded | 1 April 1976 |
| HQ | Cupertino, California |
| People | Tim Cook (CEO), Eddy Cue (SVP Services), Craig Federighi (SVP Software Engineering), Jeff Williams (COO) |
| Business type | Public (NASDAQ: APPL) |
| Industry | Consumer electronics |
Apple Revenue
Apple revenue increased dramatically in the 2010s, from $65 billion at the start of the decade to $274 billion by the end. Revenues increased by 1.9% in 2023.
Apple revenue 2005 to 2024 ($bn)
Apple revenue 2006 to 2024 ($bn)
| Year | Revenue ($bn) |
|---|---|
| 2006 | 19.1 |
| 2007 | 24.4 |
| 2008 | 37.4 |
| 2009 | 42.7 |
| 2010 | 65 |
| 2011 | 108 |
| 2012 | 156.3 |
| 2013 | 170.8 |
| 2014 | 182.6 |
| 2015 | 233.6 |
| 2016 | 215.4 |
| 2017 | 229.2 |
| 2018 | 265.5 |
| 2019 | 260.1 |
| 2020 | 274.5 |
| 2021 | 365.8 |
| 2022 | 394.1 |
| 2023 | 383.2 |
| 2024 | 390.8 |
Source: Company data
Apple Revenue by Region
Apple has always been most successful in the United States, its home country. Americas is responsible for 42% of all revenue generation and approximately 35% of that is from the US alone.
Apple revenue by region 2015 to 2024 ($bn)
| Year | Americas | Europe | China | Japan | Rest of Asia Pacific |
|---|---|---|---|---|---|
| 2015 | 93.8 | 50.3 | 58.7 | 15.7 | 15 |
| 2016 | 86.6 | 49.8 | 48.5 | 16.9 | 13.6 |
| 2017 | 96.6 | 54.9 | 51.6 | 15.3 | 14.1 |
| 2018 | 112 | 62.4 | 51.9 | 21.7 | 17.4 |
| 2019 | 116.9 | 60.2 | 43.6 | 21.5 | 17.8 |
| 2020 | 124.5 | 68.6 | 40.3 | 21.4 | 19.6 |
| 2021 | 153.3 | 89.3 | 68.3 | 28.4 | 26.3 |
| 2022 | 169.6 | 95.1 | 74.2 | 25.9 | 29.3 |
| 2023 | 162.5 | 94.2 | 72.5 | 24.2 | 29.6 |
| 2024 | 167 | 101.3 | 66.9 | 25 | 30.6 |
Source: Company data
Apple Revenue by Product
iPhone continues to be the main revenue generator, but its percentage has decreased in the past five years. Services has seen the highest percentage increase over the past five years.
Apple revenue by product category 2015 to 2024 (%)
iPhone Statistics
iPhone is Apple’s most valuable product and has, since 2008, been its main source of revenue. Even though Apple has diversified its product line with Watch, AirPods and services, iPhone is still responsible for 51% of its revenue.
iPhone Revenue
Apple saw double-digit year-on-year growth in iPhone revenue from 2008 to 2015, but revenues stagnated for the five years afterwards. Revenues improved in 2024, after declining for the first time the year prior.
iPhone revenue 2008 to 2024 ($bn)
iPhone revenue 2008 to 2024 ($bn)
| Year | Revenue ($bn) |
|---|---|
| 2008 | 1.8 |
| 2009 | 13 |
| 2010 | 25.1 |
| 2011 | 45.9 |
| 2012 | 78.6 |
| 2013 | 91.2 |
| 2014 | 101.9 |
| 2015 | 155 |
| 2016 | 136.8 |
| 2017 | 141.2 |
| 2018 | 166.2 |
| 2019 | 142.3 |
| 2020 | 137.7 |
| 2021 | 191.9 |
| 2022 | 205.4 |
| 2023 | 200.5 |
| 2024 | 201.1 |
Source: Company data
iPhone Sales
iPhone sales in 2021 surpassed the 2015 peak, but have declined in the past two years.
iPhone sales 2008 to 2023 (mm)
| Year | Sales (mm) |
|---|---|
| 2008 | 11.6 |
| 2009 | 20.7 |
| 2010 | 39.9 |
| 2011 | 72.3 |
| 2012 | 125 |
| 2013 | 150.2 |
| 2014 | 169.2 |
| 2015 | 231.2 |
| 2016 | 211.8 |
| 2017 | 216.7 |
| 2018 | 217.7 |
| 2019 | 187.2 |
| 2020 | 196.9 |
| 2021 | 242 |
| 2022 | 232.2 |
| 2023 | 231.3 |
Note: Apple stopped reporting iPhone sales in Q4 2018. All values afterwards are estimates. Sources: Apple, Canalys, CNBC, Gartner, Strategy Analytics
iPhone Sales by Region
Sales have steadily fallen in China since 2015, although it had a slight increase in 2021. All other regions have been steady in terms of sales.
iPhone sales by region 2015 to 2023 (mm)
| Year | Americas | Europe | China | Japan | Rest of Asia Pacific |
|---|---|---|---|---|---|
| 2015 | 70.3 | 33.9 | 71.2 | 15 | 12.2 |
| 2016 | 62.9 | 34.6 | 58.3 | 14.6 | 14.8 |
| 2017 | 69.3 | 36.8 | 51.6 | 15.3 | 13.3 |
| 2018 | 74.8 | 38.2 | 44.8 | 14.9 | 14.2 |
| 2019 | 65.7 | 36.3 | 31.4 | 14.8 | 12.8 |
| 2020 | 73.3 | 37.3 | 34.9 | 14.7 | 14 |
| 2021 | 84.3 | 56.1 | 42.9 | 17.8 | 17.3 |
| 2022 | 99.8 | 56 | 43.6 | 15.2 | 17.2 |
| 2023 | 98.1 | 56.8 | 43.7 | 14.6 | 17.8 |
Sources: Apple, Canalys, CNBC, Gartner, Strategy Analytics
Active iPhone Units
Even though Apple device sales have stagnated in the past few years, it has added more active iPhone users every year. Apple has switched its focus to services and other long-term revenue sources, as customers keep their phones for longer.
Number of active iPhone units 2008 to 2023 (mm)
| Year | Units (mm) |
|---|---|
| 2008 | 10 |
| 2009 | 25 |
| 2010 | 60 |
| 2011 | 115 |
| 2012 | 206 |
| 2013 | 329 |
| 2014 | 442 |
| 2015 | 569 |
| 2016 | 710 |
| 2017 | 814 |
| 2018 | 888 |
| 2019 | 948 |
| 2020 | 1042 |
| 2021 | 1231 |
| 2022 | 1334 |
| 2023 | 1382 |
| 2024 | 1404 |
Sources: Above Avalon, Apple, BMO Capital Markets
Active iPhone Units in US
There are over 150 million active iPhone units in the United States, making Apple by far the most popular smartphone manufacturer and ahead of all Android device manufacturers combined.
Number of active iPhone units in US 2008 to 2023 (mm)
| Year | Units (mm) |
|---|---|
| 2008 | 8 |
| 2009 | 17 |
| 2010 | 24 |
| 2011 | 40 |
| 2012 | 51 |
| 2013 | 72 |
| 2014 | 88 |
| 2015 | 101 |
| 2016 | 114 |
| 2017 | 125 |
| 2018 | 127 |
| 2019 | 131 |
| 2020 | 138 |
| 2021 | 141 |
| 2022 | 149 |
| 2023 | 153 |
| 2024 | 155 |
Sources: Apple, CIRP
iPad Statistics
Hotly anticipated after the success of the iPhone, the iPad made an immediate mark, adding $19 billion to Apple’s revenue in the first year. iPad unit sales peaked in 2013, with the launch of the iPad Mini enticing 97 million customers.
iPad Revenue
Revenue for iPad has remained in the $20 to $30 billion revenue range since launch, with the launch of the iPad Mini in 2013 still the peak year. Since then, Apple has struggled to entice new customers and iPad owners typically hold onto their device for more than three years.
iPad revenue 2011 to 2024 ($bn)
iPad revenue 2011 to 2024 ($bn)
| Year | Revenue ($bn) |
|---|---|
| 2011 | 19.1 |
| 2012 | 30.9 |
| 2013 | 31.9 |
| 2014 | 30.2 |
| 2015 | 23.2 |
| 2016 | 20.6 |
| 2017 | 19.2 |
| 2018 | 18.6 |
| 2019 | 21.2 |
| 2020 | 23.7 |
| 2021 | 31.8 |
| 2022 | 29.2 |
| 2023 | 28.2 |
| 2024 | 26.6 |
Source: Company data
iPad Sales
iPad sales declined quite considerably in 2023, following a decline in the overall tablet market.
iPad sales 2011 to 2023 (mm)
| Year | Sales (mm) |
|---|---|
| 2011 | 32.3 |
| 2012 | 58.1 |
| 2013 | 97 |
| 2014 | 67.9 |
| 2015 | 53.8 |
| 2016 | 45.5 |
| 2017 | 43.7 |
| 2018 | 43.5 |
| 2019 | 45.2 |
| 2020 | 71.1 |
| 2021 | 57.8 |
| 2022 | 61.8 |
| 2023 | 49.5 |
Note: Apple stopped reporting iPad sales in Q4 2018. All values afterwards are estimates Sources: Apple, Canalys, IDC, Strategy Analytics
Wearable, Home and Accessories Statistics
Apple does not break out its other categories, making it difficult to determine how much revenue each product is generating. However, we know Watch, AirPods and Beats are the three key products in this segment.
Wearable, Home and Accessories Revenue
Apple generated $37 billion revenue from this segment in 2023. We estimate AirPods is a $10 billion business on its own, with Apple Watch also potentially contributing between $14 billion to $18 billion a year.
Wearable, Home and Accessories revenue 2015 to 2024 ($bn)
Wearable, Home and Accessories revenue 2015 to 2024 ($bn)
| Year | Revenue ($bn) |
|---|---|
| 2015 | 9.8 |
| 2016 | 10.9 |
| 2017 | 12.7 |
| 2018 | 17.3 |
| 2019 | 24.4 |
| 2020 | 30.6 |
| 2021 | 38.3 |
| 2022 | 41.1 |
| 2023 | 39.6 |
| 2024 | 37 |
Source: Company data
Apple Watch Sales
Since it launched in 2015, Apple Watch has led the smartwatch market with over 50% market share. Sales dropped to 38.3 million in 2023.
Apple Watch sales 2015 to 2023 (mm)
| Year | Sales (mm) |
|---|---|
| 2015 | 8.3 |
| 2016 | 11.9 |
| 2017 | 12.8 |
| 2018 | 22.5 |
| 2019 | 30.7 |
| 2020 | 43.1 |
| 2021 | 46.1 |
| 2022 | 53.9 |
| 2023 | 38.3 |
Sources: Canalys, Strategy Analytics
AirPods Sales
AirPods have become a significant business for Apple, with 75 million sales in 2023. What were panned by many as pricey accessories have become mainstream, with almost every phone manufacturer offering their own ‘hearable’ to compete with Apple.
AirPod sales 2017 to 2023 (mm)
| Year | Sales (mm) |
|---|---|
| 2017 | 15 |
| 2018 | 35 |
| 2019 | 60 |
| 2020 | 114 |
| 2021 | 85 |
| 2022 | 82 |
| 2023 | 75 |
Sources: Counterpoint Research, TF International Securities, Strategy Analytics
HomePod Sales
In comparison to AirPods, HomePod has seen limited success. Apple sits far behind Amazon and Google in units sold, although the launch of the HomePod Mini has made some inroads.
HomePod sales 2018 to 2023 (mm)
| Year | Sales (mm) |
|---|---|
| 2018 | 4.2 |
| 2019 | 5.9 |
| 2020 | 9.8 |
| 2021 | 14.8 |
| 2022 | 13.6 |
| 2023 | 9.5 |
Source: Strategy Analytics
Apple TV Active Devices in US
Apple has been rather inactive in the smart TV market as well, with Roku and Amazon ahead it in units sold. Apple has added more active devices every year in the US, but is around 50 million units behind Roku.
Apple TV active devices in US 2015 to 2023 (mm)
| Year | Devices (mm) |
|---|---|
| 2015 | 17.3 |
| 2016 | 20.1 |
| 2017 | 22.4 |
| 2018 | 24.6 |
| 2019 | 25.9 |
| 2020 | 28.3 |
| 2021 | 29.9 |
| 2022 | 31.7 |
| 2023 | 32.3 |
Source: Strategy Analytics
Mac Statistics
Throughout the decade, Apple has kept a core set of products: MacBook Air, MacBook Pro, Mac Pro and iMac. While there have been iterations and new models, this core has remained popular across a broad spectrum of professional customers.
Mac Revenue
Even with Apple’s shift in priorities from PC to mobile, Mac has remained a core part of the company’s product portfolio. Sales declined quite considerably in 2023, and improved marginally in 2024.
Mac revenue 2009 to 2024 ($bn)
Mac revenue 2009 to 2024 ($bn)
| Year | Revenue ($bn) |
|---|---|
| 2009 | 13.6 |
| 2010 | 17.2 |
| 2011 | 21.6 |
| 2012 | 23 |
| 2013 | 21.3 |
| 2014 | 23.9 |
| 2015 | 25.3 |
| 2016 | 22.7 |
| 2017 | 25.6 |
| 2018 | 25.2 |
| 2019 | 24.7 |
| 2020 | 28.4 |
| 2021 | 35.1 |
| 2022 | 40 |
| 2023 | 29.2 |
| 2024 | 29.9 |
Source: Company data
Mac Sales
Mac sales declined for the first time since 2019, reflecting a rather weak lineup of updates.
Mac sales 2009 to 2023 (mm)
| Year | Sales (mm) |
|---|---|
| 2009 | 10.3 |
| 2010 | 13.4 |
| 2011 | 16.5 |
| 2012 | 18 |
| 2013 | 16.1 |
| 2014 | 18.8 |
| 2015 | 20.4 |
| 2016 | 18.3 |
| 2017 | 18.9 |
| 2018 | 18 |
| 2019 | 17.5 |
| 2020 | 20.2 |
| 2021 | 25.7 |
| 2022 | 26.1 |
| 2023 | 22.1 |
Note: Apple stopped reporting Mac sales in Q4 2018. All values afterwards are estimates. Sources: Apple, Gartner
Apple Services Statistics
An increasingly important part of Apple, as it continues to add more subscriptions and services to its iOS platform. With iPhone and iPad sales not likely to see much significant movement, Apple sees services as a way to continue growing.
Apple Services Revenue
In comparison to iPhone, iPad and Mac, Apple’s services revenue has increased year-on-year. Some analysts see it as the most important segment of the company, potentially reaching $50 billion in profit by 2025.
Apple Services revenue 2013 to 2024 ($bn)
Apple Services revenue 2013 to 2024 ($bn)
| Year | Revenue ($bn) |
|---|---|
| 2013 | 15.8 |
| 2014 | 17.8 |
| 2015 | 19.6 |
| 2016 | 24.1 |
| 2017 | 29.8 |
| 2018 | 36.9 |
| 2019 | 46.1 |
| 2020 | 53.6 |
| 2021 | 68.4 |
| 2022 | 78 |
| 2023 | 85.1 |
| 2024 | 96.1 |
Source: Company data
Number of iOS Subscriptions
In 2023, Apple surpassed one billion total subscriptions on iOS.
Number of subscribers to iOS apps 2015 to 2023 (mm)
| Year | Subscriptions (mm) |
|---|---|
| 2015 | 30 |
| 2016 | 95 |
| 2017 | 200 |
| 2018 | 325 |
| 2019 | 480 |
| 2020 | 620 |
| 2021 | 745 |
| 2022 | 900 |
| 2023 | 1050 |
| 2024 | 1160 |
Source: Company data
Apple Pay Active Users
Even though Apple Pay comes pre-installed on all iPhones, users can still choose to not set up the contactless payment solution. About half of all iPhone users actively use Apple Pay.
Apple Pay active users 2017 to 2023 (mm)
| Year | Active users (mm) |
|---|---|
| 2017 | 337 |
| 2018 | 389 |
| 2019 | 441 |
| 2020 | 507 |
| 2021 | 631 |
| 2022 | 701 |
| 2023 | 744 |
| 2024 | 785 |
Source: Loup Ventures
Apple Pay Transaction Volume
Apple Pay transaction volume for in-store purchases has increased rapidly over the past two years, going from $90 billion t0 $650 billion.
Apple Pay transaction volume 2016 to 2022 (bn)
| Year | Transaction volume ($bn) |
|---|---|
| 2016 | 1.8 |
| 2017 | 6.6 |
| 2018 | 15 |
| 2019 | 65 |
| 2020 | 90 |
| 2021 | 325 |
| 2022 | 650 |
Sources: Bernstein, Company data, Pymnts
Apple Music Subscribers
Apple Music is the second largest music streaming service in the West, far behind Spotify’s 150 million users. The majority of subscribers are from the US, which is one of the few countries Apple is close to Spotify.
Apple Music subscribers 2015 to 2023 (mm)
| Year | Subscribers (mm) |
|---|---|
| 2015 | 11 |
| 2016 | 20 |
| 2017 | 27 |
| 2018 | 40 |
| 2019 | 50 |
| 2020 | 72 |
| 2021 | 80 |
| 2022 | 88 |
| 2023 | 93 |
Sources: Company data, Forbes, MiDiA Research
Apple TV+ Subscribers
Apple invested $6 billion into TV+ in 2019, a huge gamble in a market with Netflix, Amazon and Disney all competing for eyeballs. It has seen declines in the past year.
Apple TV+ subscribers 2019 to 2023 (mm)
| Year | Subscribers (mm) |
|---|---|
| 2019 | 5.7 |
| 2020 | 33.6 |
| 2021 | 48 |
| 2022 | 55 |
| 2023 | 47 |
Note: 2021-present are projections. Sources: Bloomberg, Statista
Apple News Users
Apple’s news aggregation service may not responsible for much revenue generation – for Apple or news providers – but it has added more readers every year since launch.
Apple News active users 2017 to 2023 (mm)
| Year | Users (mm) |
|---|---|
| 2017 | 70 |
| 2018 | 85 |
| 2019 | 90 |
| 2020 | 100 |
| 2021 | 135 |
| 2022 | 160 |
| 2023 | 185 |
Source: Company data
Siri Active Users
Apple’s Siri has been the unfortunate brunt of many jokes about artificial intelligence and smart assistants, however hundreds of millions of iPhone users actively use the application.
Siri active users 2015 to 2023 (mm)
| Year | Active users (mm) |
|---|---|
| 2015 | 265 |
| 2016 | 320 |
| 2017 | 375 |
| 2018 | 500 |
| 2019 | 585 |
| 2020 | 600 |
| 2021 | 550 |
| 2022 | 485 |
| 2023 | 410 |
Note: Apple has not updated figures since 2020. Source: Company data
Siri Accuracy
Apple has improved the accuracy of its smart assistant year-on-year, according to Loup Ventures, which run yearly tests on all of the major mobile smart assistants. While still behind Google Assistant and Amazon Alexa, Siri is catching up.
Siri accuracy figures 2017 to 2020 (%)
| Year | Accuracy (%) |
|---|---|
| 2017 | 66 |
| 2018 | 78 |
| 2019 | 83 |
| 2020 | 87 |
Source: Loup Ventures
