iPhone sales are forecasted to surpass $2 trillion by the end of 2024. They have accounted for more than half of Apple’s overall revenue since 2007, reports say.
Apple’s iPhone has remained pivotal throughout its history, generating substantial revenue and reinforcing its brand identity. A report by Stocklytics predicts iPhone sales will exceed $2 trillion by the end of 2024, marking a significant achievement since its debut 17 years ago.
This milestone underscores the iPhone’s lasting influence, which contributed nearly 54% of Apple’s total revenue since 2007.
The report cites customer loyalty and its persistent brand image as a luxurious product as reasons for this. Apple launches new iPhone series almost every year, and the device is poised to maintain its status as the company’s primary source of revenue.
In the comparative analysis from Q3 2007 to Q2 2024, Stocklytics concluded that over 2.3 billion iPhones have been sold worldwide since their release.
In 2007, Apple introduced its first iPhone model to remarkable acclaim, selling about 1.4 million units, with the majority sold during Q4. Although this figure paled in comparison to Nokia’s 7.4 million sales that year, it marked the beginning of Apple’s ascent.
Apple reached a milestone in 2011 when it shipped 72 million units globally, further solidifying its position. By 2014, annual sales had reached approximately 200 million units.
In 2021, iPhone sales hit their highest peak, with over 233.9 million units sold and shipped. Between 2023 and 2024, Apple sold an additional 231.8 million units, nearly matching the 2021 record.
In Q1 2024, iPhone revenue reached $69.702 billion, a 5.97% increase from Q1 2023. Approaching the conclusion of Q2, Apple anticipates $46 billion in iPhone sales revenue, accounting for almost 50% of the quarter’s total revenue and around 30% of the global smartphone market share.
Furthermore, 2023 concluded with notable iPhone sales of $200.583 billion, representing 52% of Apple’s total sales for the year, despite a slight dip from 2022.
After 42 iterations, the smartphone giant continues to thrive on its image of style, luxury, and innovation. Renowned for its design, security, and high performance, the iPhone stands out with its iOS operating system.
Processing chips, ample memory storage, and camera quality are other iPhone properties that appeal to a wide audience. Anticipated to debut in the fall of 2024, the iPhone 16 series is poised to drive another surge in sales. This may potentially cross the $2 trillion limit, making 2024 a landmark year for iPhone shipments.
