Apple’s on again, off again iPhone upgrade super cycle appears to be back on track with the release of the company’s latest smartphone, the iPhone X.
According to new report from IHS Markit (via DigiTimes) suggests that despite early supply constraints, the iPhone X is selling at a breakneck pace, while Apple’s supply chain is now churning out the flagship smartphone.
In eight countries – typically high GDP markets – the iPhone X already makes up over 2% of all iPhones (including the old models).
“In the US, iPhone X adoption after three weeks matched the adoption of iPhone 8 Plus and beat early adoption levels for both the iPhone 8 and 7 Plus,” reads the report. “Only the iPhone 7 model had greater initial success. In Japan, initial iPhone X adoption was as good as or better than any recent iPhone launch, and matched the level of the iPhone 7.”
Additionally, countries where Apple’s “Plus” models have sold well have taken to the flagship smartphone, as these consumers value a bigger display and dual-lens camera technology.
Although there was some early concern about supply constraints that would make it difficult for Apple to meet demand until well into 2018, those fears appear to have been mostly unfounded. IHS Markit says that initial uptake in countries where the iPhone X has launched is very similar to that of previous iPhone launches.
IHS Markit forecasts Apple to ship 88.8 million iPhones in Q4 2017, which would be the biggest quarter for iPhone shipments to date. Beyond December, Apple is expected to have its best year ever in 2018, with each quarter set to top the same quarter in 2017.
If Apple can ship 30 million iPhone X units, the iPhone average selling price will surpass $700 USD for the very first time, assuming Apple can ship 88.8 million iPhones in total.