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Apple’s iPhone Dominates Global Smartphone Market with Record Revenue Projections for 2024

JOURNALIST NOTE September 19, 2024
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  • In a world dominated by technology, few products have made as significant an impact as Apple's flagship device – the iPhone. Since its groundbreaking introduction by Steve Jobs in 2007, the iPhone has not only transformed the smartphone landscape but has also maintained an impressive hold on the global market. With projections indicating a record revenue of over $400 billion by 2024, curiosity abounds: How has Apple achieved such remarkable success in a landscape rife with competition? This report dives deep into the current state of the smartphone industry, exploring key factors that have contributed to the iPhone's dominance, including market share statistics, evolving consumer preferences, and the introduction of budget-friendly refurbished iPhones. Join us on this insightful journey to uncover the secrets behind Apple's enduring success and what the future holds for the iPhone.

Journalist Note

  • How has the iPhone evolved since its introduction in 2007? Apple’s iPhone, first introduced by Steve Jobs in 2007, has continuously evolved to become one of the world’s most popular smartphones. Over the years, it has transformed from merely a mobile device to a multifunctional gadget that serves as a camera, music player, GPS device, and much more. As of 2024, iPhones hold a significant 28.46% share of the global smartphone market, solidifying their dominance in the tech industry.

  • Can Apple maintain its financial momentum despite market challenges? Despite a slight decline in unit sales in 2023, Apple is projected to surpass the $400 billion revenue mark in 2024, driven by both its hardware and services segments. The iPhone alone contributed about 52% of the company’s 2023 revenue, amounting to approximately $383.29 billion. Specific models like the iPhone 15 Pro Max have been exceptionally popular, predicted to make up 35% to 40% of all shipments in 2023.

  • How does Apple make high-end technology accessible to a wider audience? Apple’s market strategy includes selling refurbished iPhones through various channels, making high-end technology accessible to those on a budget. Refurbished models are available not only through Apple’s official store but also via online tech retailers like Best Buy, Amazon, and specialized platforms like Hamrobazar and Facebook Marketplace. Prices for second-hand iPhones fluctuate based on the model and condition, with iPhone 15 Pro Max units listed for as high as NPR 180,000 in Nepal.

  • Has Apple dethroned Samsung in the global market? Apple has recently surpassed Samsung to become the world’s leading smartphone seller, ending Samsung's 12-year reign. According to the International Data Corporation (IDC), Apple sold 234.6 million units compared to Samsung's 226.6 million in 2023. This success is attributed to the rising popularity of high-end devices, a niche where Apple has consistently excelled.

  • What are the affordable options for owning an iPhone? For those looking for more affordable options, deals and financing plans are available across various platforms. In the UK, for instance, consumers can find deals such as the iPhone 15 at £29.99 per month with a £49 upfront payment, providing a budget-friendly way to own a latest model iPhone. Similarly, refurbished iPhones, which come almost indistinguishable from new models, are an attractive option for buyers aiming to save money.

Glossary

  • iPhone [Product]

  • The iPhone is Apple’s flagship smartphone, first introduced in 2007 by Steve Jobs. It runs on the iOS operating system and offers a plethora of features such as a high-quality camera, music player, GPS, and more. It has maintained a significant market share globally and is a crucial revenue stream for Apple.

  • Apple [Company]

  • Apple Inc. is a multinational technology company known for its innovative products such as the iPhone, iPad, and Mac computers. Apple is projected to cross $400 billion in revenue by 2024, largely driven by its iPhone sales which contribute significantly to its overall earnings.

  • Refurbished iPhones [Product Category]

  • Refurbished iPhones are pre-owned devices that have been restored to like-new condition and are sold at a lower price compared to brand-new devices. Apple offers these through its own store and other retailers like Best Buy, Amazon, and specialized platforms. These devices provide a cost-effective way for consumers to own an iPhone.

  • International Data Corporation (IDC) [Organization]

  • IDC is a global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. It provided the statistics that show Apple surpassing Samsung in smartphone sales in 2023.

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