Apple achieved an all-time record in iPhone sales during the last quarter of 2014, thanks in large part to the massive Chinese smartphone market as more devices were sold in China than in the U.S. for the first time, according to investment banking firm UBS.

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Apple sold more than 69 million iPhones in the final quarter of last year and marks the highest amount of devices sold in a quarter in company history.

The holiday season certainly had an impact on those numbers, as the U.S. accounts for 29 percent of overall sales. But for the first time, China has surpassed the U.S. in that category, accounting for 35 percent of iPhone sales during the record quarter.

The milestone for China shows the growing demand for iPhone devices among the country's 520 million smartphone users, and is relatively significant when considering Apple's market share in the smartphone industry within the U.S. Almost half of all smartphones sold in the U.S. are iPhones, as Apple holds a market share of 47.3 percent.

Meanwhile, Apple CEO Tim Cook plans to capitalize on the growing demand for Apple products in China and recently announced the company would be opening 25 new Apple Stores in the country within the next two years. That would increase the total number of official stores in China to 40.

During his trip to China in October, Cook mentioned that "it's just a matter of time" before the country "becomes Apple's biggest revenue contributor."

TagsiPhone, Apple Stores, final quarter sales, Tech, Mobile Phones