iPhone 15 Pro, iPhone 15 Pro Max price hike coming? Why it is likely to happen

Apple’s high-end flagship models, the iPhone 15 Pro and iPhone 15 Pro Max could get a big price hike, as per a Bloomberg report.

iPhone 15 series will reportedly debut at Apple’s Fall event. (Representative Image) (Unsplash)

Smartphone prices have been slowly rising over the years and some of the top-end smartphones today cost an absurd amount of money. The Samsung Galaxy Z Fold 4 costs nearly $1600 for the base storage variant. While iPhones are considered some of the most expensive smartphones in the market, the high-end iPhone 14 Pro Max starts at $1099, nearly $500 cheaper than Samsung's top model.

But it could change soon as reports reveal that Apple is looking to raise the prices of the Pro models in the upcoming iPhone lineup. Here's why.

iPhone 15 Pro models price hike

According to a Bloomberg report, the iPhone 15 Pro and iPhone 15 Pro Max could be priced higher than the current Pro iPhone models despite fluctuations in the global economy. But why? The report claims that raising the prices is an attempt to increase the overall revenue of the Cupertino-based tech giant.

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Apple's revenue has soared this year, with a nearly 50 percent surge in stock, taking its market capitalization to nearly $3 trillion. However, the report states that Apple and other smartphone manufacturers have seen a decline in demand due to economic fluctuation as well as escalating prices.

iPhones have been hovering around the $1000 mark since the iPhone X which launched in 2017 starting at a steep price of $999 for the 64GB variant. It was a nearly $300 increase from the iPhone 8 which launched alongside the flagship device. If this report turns out to be true, it will be the first major price increase for Apple's Pro iPhone models since the iPhone 11 series.

iPhone 15 Pro models: Previous price hike rumors

Currently, the iPhone 14 Pro Max is Apple's highest-priced model which starts at $1099. Reports have stated that the upcoming iPhone 15 Pro models could get several new features such as solid-state buttons, a mute switch, a USB Type-C port, A17 Bionic SoC as well as a periscope camera.

All these upgrades could come at a cost, as a report surfaced on Chinese site Weibo claims that the iPhone 15 Pro could cost $100 more. Similarly, the iPhone 15 Pro Max could also get a $100 price increase, and it could start at $1199 for the 128GB variant. Apple analyst Jeff Pu has corroborated these reports too.