Apple recently announced that it is rolling out its HomePod minis globally in new countries. It will start selling Apple HomePod mini in countries like Finland, Norway and Sweden from December 13th. The company will sell its HomePod mini in South Africa from Dec 19 and other countries will follow in fiscal 2023.
Although Apple HomePod mini is priced higher than its peers, it is expected to attract new users as it will provide services such as Apple Music, podcasts, radio stations from iHeartRadio, radio.com and TuneIn.
Also, the increasing number of smart homes is driving demand for smart speakers, which bodes well for the iPhone-maker’s Homepod mini. Per MarketAndMarkets data, the global smart speaker market is expected to hit $7.1 billion by 2025.
With the launch of HomePods globally, Apple is banking on its strong Wearables, Home and Accessories sales growth in the coming quarters. In the fourth quarter of 2022, its Wearables, Home and Accessories sales increased 9.8% year over year to $9.65 billion and accounted for 10.7% of total sales. The figure beat the Zacks Consensus Estimate by 4.46% and our estimate of $7.96 billion.
Apple also nearly doubled the number of service centers worldwide. Globally, there are more than 5,000 Apple-authorized service providers with above 100,000 active technicians. This is expected to attract more customers to its products like HomePod mini.
Although Apple’s business primarily runs around its flagship iPhone, the Services portfolio has emerged as the company’s new cash cow. It currently has more than 900 million paid subscribers across its Services portfolio. The plethora of Apple Services available across its smart speaker for homes is expected to attract new customers for its products and drive its market share amid stiff competition.
MacDailyNews Note: In August, Bloomberg News‘ Mark Gurman reported that Apple is prepping a new high-end HomePod, an updated HomePod mini, and two other smart home devices, the latter two of which he thinks will launch at the end of 2023 or early 2024.
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