NEW YORK (Web Desk) - Apple is set to hold its next major launch event on September 9, where the company is expected to unveil its latest iPhone lineup and potentially introduce its long-awaited foldable iPhone.
The launch of Apple’s first foldable iPhone would mark a major milestone for the company. Analysts expect the premium device to help drive higher average selling prices and improve profit margins.
The event will also be the first major product launch under incoming Apple CEO John Ternus. Apple’s longtime hardware chief is scheduled to take over as chief executive on September 1, while current CEO Tim Cook will become executive chairman.
Ternus’ appointment, announced in April, has been viewed as part of Apple’s effort to build on its strength in hardware while seeking renewed growth, particularly in artificial intelligence.
Samsung Electronics currently dominates the relatively small but expanding foldable smartphone market. Major technology companies are betting that foldable devices will become mainstream despite their higher prices.
The foldable segment is also expected to provide growth opportunities for consumer electronics companies facing pressure from a severe shortage of memory and storage chips, which has pushed up prices and weakened consumer demand.
Apple has raised prices across its Mac and iPad product lines to offset rising costs. The company said in July, however, that it was facing significant supply-chain shortages and expected the disruptions to affect sales during the current quarter.
Analysts expect Apple’s foldable iPhone to feature a display roughly comparable in size to an iPad mini when unfolded. Samsung unveiled a new passport-sized foldable phone earlier this year as it seeks to defend its position ahead of Apple’s expected entry into the market.
Research firm IDC expects Apple to ship more than 17 million foldable iPhones by 2027.
Apple’s entry into the segment is also considered important for overall market growth. IDC forecasts foldable smartphone shipments to rise 12.6% this year, while global smartphone shipments are expected to decline by a record 16.7%.
At last year’s launch event, Apple introduced a slimmer iPhone Air and upgraded the standard iPhone 17 models with several new features, helping trigger a strong consumer upgrade cycle.