Wearables are expected to surpass Mac and iPad to become Apple's third largest product category by revenue in 2020, according to a recent report from Above Avalon.
Analyst Neil Cybart says that Apple deserves more credit for its success in the wearables market. From the third quarter of 2018 to the third quarter of 2019 revenue from wearables increased $1.2 billion. That's second only to services which saw an increase of $1.5 billion in revenue.
Wearables nearly exceeded Services in 3Q19 as Apple’s top revenue growth generator when looking at absolute dollars. Consensus was not expecting this to occur as Services was positioned as Apple’s growth engine. It is clear that consensus spent too much time on the Services highway and ended up missing the exit for wearables.
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