iPhone Lifetime Revenues Set to Surpass $2T in 2024, 54% of Apple's Total Revenue Over 17 Years

Apple’s iPhone has consistently been the cornerstone of its product lineup, driving substantial revenue and bolstering its brand image. According to Stocklytics.com, iPhone sales are forecasted to surpass $2 trillion by the close of 2024. This marks a significant milestone since its introduction in 2007. The accomplishment underscores the enduring impact of the iPhone, which has accounted for nearly 54% of Apple’s overall revenue over a period of 17 years.

The site’s financial analyst, Edith Reads, comments:

The iPhone is the source of a significant amount of revenue for Apple, given the loyalty of its customers and its unwavering reputation as a luxury product. With Apple consistent release of new iPhone series almost annually, the device is primed to retain its position as the company’s leading revenue stream .

Stocklytics financial analyst, Edith Reads

iPhone’s Contribution to Apple’s Success

The Silicon Valley firm has been reaping significant revenue from smartphone sales for nearly two decades, with over 2.3 billion iPhones sold worldwide since their release.

In 2007, Apple unveiled the first iPhone model, which was met with astounding success. About 1.4 million phones were sold, with over three-quarters of the sales coming from Q4 shipments. While these sales were incomparable to Nokia’s 7.4 million sales that year, this was only the beginning for the trillion-dollar company. 

Apple made a significant breakthrough in 2011, with a staggering 72 million units shipped worldwide before solidifying its position in 2014, with roughly 200 million units sold annually from then on.

iPhone sales marked a historic high in 2021, with more than 233.9 million units sold and shipped. Between 2023 and 2024, Apple sold another 231.8 million phones, rivaling the 2021 record. 

The iPhone’s revenue in the first quarter of 2024 reached 69.702 billion USD, a 5.97% increase from the first quarter of 2023. Now in the almost concluding second quarter, Apple is looking at a staggering $ 46 billion in iPhone sales revenue. This is nearly 50% of the firm’s cumulative revenue this quarter. This figure also represents almost 30% of the worldwide smartphone market share, underscoring its continued dominance in the smartphone market.

Moreover, 2023 concluded with a notable 200.583 billion US iPhone sales. Although this was a 2.4% slump from 2022’s revenue, the 2023 sales reflect 52% of Apple’s total sales that year.

Why is Apple’s iPhone Still Relevant 17 Years Later?

42 models later, the smartphone company is still reaping the benefits of the propagated narrative of style, luxury, and ingenuity. When Steve Jobs unveiled the first iPhone series, he declared it a revolutionary product. Nearly two decades later, this singular product has built a brand name for itself, armoured with remarkable customer loyalty. 

The iPhone, unique with its own iOS operating system, provides its users with user-friendly designs, great security features, and high-performance capabilities. Gamers, in particular, have joined the iPhone pool in preference for its smart processing chips and amicable memory storage, which are perfect for gaming. Additionally, iPhones are known for their camera quality, making them appealing to a broader audience.

The iPhone 16 series is expected to be unveiled by the fall of 2024. As seen in previous years, the launch of new Apple products drives up sales astoundingly. So, 2024 could be another record-breaking year for the company in iPhone shipments.