An out-performer for decades, Apple (NASDAQ:AAPL) has survived the pandemic, supply chain issues, and several macroeconomic concerns. A top player in the tech industry, Apple is here to stay and it is going to rule the market. Last week, Apple hit $2.3 trillion in market capitalization and it has generated more than 200% in returns over the past five years. AAPL stock is trading around the same value as it was trading for in June 2021 at $138.

I believe Apple has the potential to soar higher from the current level and that AAPL stock is still a bargain. It is much lower than the 52-week high of $182.94. Here are the two strong catalysts working for Apple.

Apple Car on the Way

Everything that Apple does is a hit and the company is highly valued due to its ability to innovate. Known for delivering new ideas and adopting technology like no one else, Apple has become synonymous with success. One such technology on the product pipeline is the Apple Car. We heard rumors about the car in 2015, but could not get many details at the time.

However, in 2019, the company started working on making a full-scale electric vehicle (EV). Last year, it was reported that Apple will mass-produce the Apple Car in 2024.

The car could be huge for the future of the company. If it is a hit, the business will grow by leaps and bounds in the coming years. There is a lot of anticipation around the car. While the EV penetration rates are still low, the company can plan to enter the market right in time. I believe Apple Car can revolutionize the EV industry. This is a solid reason to buy AAPL stock in the correction.

Solid Service Revenue Growth

Apple is a fundamentally strong company and it has reported solid numbers year after year. The tech giant is now seeing a surge in the services business and this is only the beginning. Service revenue accounts for 20% of the total revenues and it is growing at an impressive rate.

In the recent quarter, the company’s service revenue was up 17% year-over-year to hit $19.8 billion. The service segment includes Apple Music, Apple TV+, the App Store, and Cloud services. This segment hit 825 million paid subscribers and this number is expected to grow bigger this quarter.

I strongly believe that Apple’s service segment will grow faster than the hardware segment and the company is not going to miss a chance to make the most of it. It is currently focusing the services on customers, but could come up with solutions for business owners in the near term. Apple service has a long way to go and it will contribute significantly to the business revenue.

The Bottom Line on AAPL Stock

Amit Daryanani, an analyst for Evercore ISI, believes that Apple’s return to iPhone growth in May is encouraging in China. The shipments were up 13.7% year-over-year in May and it is expected that Apple will continue the performance and that growth could accelerate in June. The analyst has a price target of $180 with an “outperform” rating for the stock.

I believe Apple service will continue to generate strong revenue for the company for the next few years and that Apple Car will transform the business in this decade. These two catalysts could be huge for the company and can generate massive revenue in the long term.

AAPL stock is the one to own as the market rebounds.

On the date of publication, Vandita Jadeja did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.