Apple Inc has asked suppliers to build at least as many of its next-generation iPhones this year as in 2021, counting on an affluent clientele and dwindling competition to weather a global electronics downturn.
The tech giant is telling its assemblers to make 90 million of its newest devices, on par with last year, despite deteriorating projections for the smartphone market, according to people with knowledge of the matter. The Cupertino, California-based company still expects to assemble roughly 220 million iPhones in total for 2022, also about level with last year, according to one of the people.
At a time when Android devices are suffering, the stronger demand for Apple’s new lineup stems from a customer base still willing to spend on premium gadgets, the people said. The virtual demise of Huawei Technologies Co also has eroded competition in high-end smartphones. This week, a cooler-than-anticipated US inflation reading buoyed hopes that interest rate hikes won’t be as aggressive as thought. But market observers cautioned the economic outlook remained bleak.Apple’s near- and mid-term percentage sales growth will likely remain in the mid-single digits, spurred by product-refresh cycles and sales of additional services to its installed base of more than 1.8 billion active devices.
Before 2021, Apple had maintained a consistent level in recent years of roughly 75 million units for the initial run of a new device through the end of the year. It upgraded its target for 2021 to 90 million, anticipating the first new iPhone since the rollout of Covid vaccines would unlock additional demand.
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