Apple Inc (NASDAQ:AAPL) has unveiled a host of new products, including the much-awaited iPhone 14 and iPhone 14 Pro at its presentation in California today — its first in-person launch event since before the pandemic.
Alongside the new iPhones, the tech giant also unveiled the Apple Watch Series 8 and enhanced AirPods Pro 2 at the Steve Jobs Theatre in Apple Park.
But it was the new iPhone 14 and iPhone Pro which took centre stage featuring the debut of an emergency satellite messaging service, enabling users to send messages without a cellular connection.
READ: Apple iPhone 14 series launch date is tomorrow
The iPhone 14 Plus replaces the older "mini" model with a 6.7-inch screen while US iPhone 14 models will no longer use physical SIM cards with these being replaced with a digital eSIM which the company said will improve security.
Other features include improved battery life, five colours and ceramic, more durable screens than its predecessor.
The iPhone 14 Pro has some notable upgrades and changes with the most significant being the next generation A16 Apple silicon chip plus a more powerful camera.
The iPhone 14 and the iPhone 14 Pro will retail at $799 and $999 respectively, and both will be available for pre-order from September 9.
The Apple Watch Series 8 contains all its usual features such as heart rate tracking, calls, and ECG scans but now comes with the added functionality of temperature tracking, which Apple claims will be able to track when women are ovulating.
Demand expected to remain strong
Broker Wedbush said it expects demand for the new iPhones to remain strong despite the “macro storm clouds building.”
It estimated that 240 million of Apple’s 1 billion iPhone users have not upgraded their phones in over three and a half years.
While the softer economic conditions are a factor Wedbush said it believes the baseline estimates for 220 million iPhone units in full-year 2023 are likely to be achievable given the pent up demand for Apple’s products globally.
In the key Chinese market, Wedbush estimated that roughly 30% of iPhone consumers are in the window for an upgrade cycle.
Shares of Apple were up around 1.4% on Wednesday afternoon in New York, at around US$156.55.
Contact Jeremy at jeremy@proactiveinvestors.com