They've never had a majority market share with mobile phones (20-25% top). But they do get almost all of the profit.
Apple is not Microsoft. They have very different business models, and using one's history to predict the other is... less than scientific. That's not to say they can't wind up with similar long-term results, but one is not predictive of the other.
They owned the smartphone market for a while. But that was back when dumb phones ruled so their total market share did not reflect their true technological dominance.
The have missed several large moves in the market over the last several years, and they are now reacting to markets rather than creating them.
I was surprised by the popularity of the iPad so I could be wrong about wearables and an Apple branded TV but I don’t se either as an area that can replace previous growth in phone sales.
Apple survived their mistake by creating a new category of product - a brand new market.
They came out with a product excellent value discipline that they’ve been consistent with since they introduced the Mac.
Problem with that value discipline is that you have to keep creating new categories or justifying the price difference in your product. Android shattered the category, like most operationally efficient value discipline type strategies do.