Articular cartilage is a multi-phasic, composite, fibre-reinforced material. Therefore, its mechanical properties are determined by the tissue microstructure. The presence of cells (chondrocytes) and collagen fibres within the proteoglycan matrix influences, at a local and a global level, the material symmetries. The volumetric concentration and shape of chondrocytes, and the volumetric concentration and spatial arrangement of collagen fibres have been observed to change as a function of depth in articular cartilage. In particular, collagen fibres are perpendicular to the bone-cartilage interface in the deep zone, their orientation is almost random in the middle zone, and they are parallel to the surface in the superficial zone. The aim of this work is to develop a model of elastic properties of articular cartilage based on its microstructure. In previous work, we addressed this problem based on Piola's notation for fourth-order tensors. Here, mathematical tools initially developed for transversely isotropic composite materials comprised of a statistical orientation of spheroidal inclusions are extended to articular cartilage, while taking into account the dependence of the elastic properties on cartilage depth. The resulting model is transversely isotropic and transversely homogeneous (TITH), the transverse plane being parallel to the bone-cartilage interface and the articular surface. Our results demonstrate that the axial elastic modulus decreases from the deep zone to the articular surface, a result that is in good agreement with experimental findings. Finite element simulations were carried out, in order to explore the TITH model's behaviour in articular cartilage compression tests. The force response, fluid flow and displacement fields obtained with the TITH model were compared with the classical linear elastic, isotropic, homogeneous (IH) model, showing that the IH model is unable to predict the non-uniform behaviour of the tissue. Based on considerations that the mechanical stability of the tissue depends on its topological and microstructural properties, our long-term goal is to clearly understand the stability conditions in topological terms, and the relationship with the growth and remodelling mechanisms in the healthy and diseased tissue.