APPLE GENERATED $1.65 TRILLION FROM IPHONE SALES OVER THE PAST DECADE
In 2023, Apple’s iPhone achieved remarkable success, dethroning Samsung and claiming the title of the most widely used smartphone globally.
Throughout the previous year, Apple successfully shipped a staggering 235 million iPhones worldwide, with the device being owned by 35% of all smartphone users. These remarkable statistics contributed to the iPhone’s cumulative sales revenue reaching unprecedented heights.
Data from AltIndex reveals that Apple accumulated an impressive $1.65 trillion in revenue from iPhone sales over the past ten years.
The surge in iPhone sales revenue was particularly notable in 2022 and 2023. Since its introduction to the market in 2007, the iPhone has consistently been a pivotal product for Apple, with its revenue share within the company continually expanding. Apple’s success in the smartphone market is attributed to its ability to maintain competitiveness and deliver a compelling combination of user experience and status symbol appeal.
From Q1 FY 2009, where iPhone sales represented a quarter of Apple’s total revenue, the figure surged to 58% in the first quarter of FY 2024. In terms of units sold, Apple witnessed a 53% increase over the decade, rising from 153.4 million in 2013 to 235 million in 2023.
iPhone annual sales revenue nearly doubled in the past ten years. From $101.9 billion in FY 2014, it escalated to $166.2 billion four years later. After a significant revenue decline in FY 2019 and FY 2020 due to global spending reductions amid the pandemic, sales rebounded by almost 40% year-over-year, reaching $191.9 billion in FY 2021.
The pinnacle for iPhone sales occurred in 2022 and 2023, with Apple generating over $405 billion during these two record-breaking years. Despite a slight dip in revenue figures in Q1 FY 2024, iPhone sales still contributed nearly $70 billion, pushing the total ten-year revenue to an impressive $1.65 trillion.
In addition to almost doubling its revenue, iPhone annual shipments increased by 53% in the past decade. From 153.4 million units in 2013, shipments reached 231.5 million in 2013, the second-highest figure in the decade.
While iPhone sales experienced a drop between 2014 and 2019, reaching a low of 190.6 million units, global demand for Apple’s smartphones rebounded in 2020 and has been rising consistently since then.
After reaching 206.1 million in 2020, iPhone shipments surged to 234.0 million in 2022 and reached an all-time high of 235 million last year. This resulted in Apple’s total sales over the past decade reaching a remarkable 2.3 billion units, surpassing its main rival, Samsung, by 800 million smartphones in the same period.
Joel Nwankwo; From the News Source: Techeconomy
