The iPhone 15 Pro and iPhone 15 Pro Max prices could increase to protect Apple’s hefty margins as global smartphone sales have continued falling.
The price increase could put both iPhone 15 Pro models above $1,000 for the first time vs. this year’s iPhone 14 Pros which start at $999 and $1,099, respectively.
So even though iPhone sales will stay roughly flat, Apple’s smartphone revenue will increase thanks to a higher average selling price of the iPhone 15 Pros.
Apple may raise iPhone 15 Pro prices
“Apple is asking suppliers to produce about 85 million units of the iPhone 15 this year, roughly in line with the year before, according to people familiar with the matter,” Debby Wu and Takashi Mochizuki wrote on Bloomberg.
9to5Mac says the standard iPhone 15 and iPhone 15 Plus prices will remain at $799 and $899, respectively. Prices of Pro-branded iPhones have stayed the same since the introduction of the iPhone 11 Pro in 2019.
A March research note from Haitong International Securities analyst Jeff Pu first mentioned the possibility of a price hike for the iPhone 15 Pro models.
Apple’s rationale for the price hike
The company could justify the rumored price hike with extra technology, like a customizable Action button, a lighter, more durable titanium frame, the forthcoming A17 chip and the thinnest screen bezels on any iPhone.
There are many reasons why technology has been going up in price. For starters, smartphone sales have been falling for some time now. Add on top of ongoing inflation and reduced consumer spending and it’s no wonder that people are cutting down spending on technology.
However, Apple is counting on the loyalty of its customers as the current CEO Tim Cook told investors on an earnings call in February that, in his view, “people are willing to really stretch to get the best they can afford in that category.”
Apple will likely announce the iPhone 15 family in September, but launch supply could be constrained due to the rumored production issues with the displays.