Last month, Apple launched the iPhone 15 series globally. It seems that the user reception has increased despite the initial hiccups. According to reports, the iPhone 15’s production costs are significantly higher than last year’s iPhone 14. Due to high component prices, this is the case. With the iPhone 16 lineup in 2024, Apple could pass on these price increases to customers, according to the latest Nikkei Asia report.

According to reports, the iPhone 15 Pro Max will cost $588 (roughly Rs 48,900), which is a 12 percent increase over the iPhone 14 Pro Max. Parts for the Pro Max models cost between $400 and $450 between 2018 and 2021.

As a result, component costs rose around 20 percent in 2022 before reaching their current peak of $558. All other components of the iPhone 15 Pro Max have increased by 38 percent, including the telephoto camera. Similar to the stainless steel frame of previous models, the titanium frame costs $50, a 43 percent increase. Finally, the A17 Pro chip costs $130 (around Rs 10,800), a 27 percent increase over the A16 Bionic.

There have also been price hikes on the standard iPhone 15 models in addition to the Pro Max models. Standard iPhone 15 components cost $423, an increase of 16 percent over iPhone 14. In comparison to its predecessor, the iPhone 15 Plus is priced at $442, an increase of 10 percent. Last but not least, the iPhone 15 Pro increased by 8 percent to $523.

Although costs have increased, Apple has not raised retail prices for the iPhone 15 models this year and has chosen to swallow the impact of increased costs.

Research by Tokyo-based Fomalhaut Tecno Solutions and Nikkei indicates that Apple may eventually increase the retail price of the iPhone 16 series. When they are released in 2024 if it continues to absorb the impact of increased production costs.