The launch of the iPhone 16 series is almost here and as we get closer to Apple’s biggest event of the year, more and more details have surfaced online. This also suggests that the new iPhones are likely coming soon, as previous leaks suggest that the iPhone 16 could launch on September 10. The details on specs, features and design have always been known, but what about the price?

While pricing details remain under wraps until the official announcement, leaks suggest that the iPhone 16 series could see a price hike compared to previous models. This speculation is fueled by rising production costs, which could potentially force Apple to adjust its pricing strategy to maintain profitability.

A report by Nikkei Asia claimed that the production cost of the iPhone 15 Pro Max is $558, which is said to be a 12 percent increase over the previous model, the iPhone 14 Pro Max. Likewise, the component costs for other models like the iPhone 15 Pro increased by 8 percent. The same was true for the standard models, with the cost of the iPhone 15 Plus increasing by 10 percent and that of the iPhone 15 increasing by 16 percent. Although Apple has not increased the retail prices of the regular models, there is a possibility that the company may decide to sell the 2024 iPhones at higher prices. This is likely to be the case especially for the Pro versions.

Apple launched the iPhone 13, iPhone 14, and iPhone 15 at the same price points with no price hike. The leaks suggest that both the Plus and standard models of the iPhone 16 series will receive minor upgrades, so Apple may not increase the prices of these models. However, since the iPhone 16 Pro and iPhone 16 Pro Max are rumored to get an improved camera system, better design, new chipset, AI features, and a larger battery and display, there is a high possibility that these changes could further push up the prices.

Economic Daily reports that Apple may include higher-quality molded glass lenses in the iPhone 16 Pro models to make the devices lighter and thinner and improve optical zoom capabilities. These premium components are likely to increase the overall cost of the devices and potentially make the iPhone 16 Pro and Pro Max more expensive than their predecessors.

If Apple decides to pass on these higher costs to consumers, the iPhone 16 series could see a noticeable price hike in India. While exact pricing details still remain speculative, the combination of rising production costs and premium features suggests that Indian consumers may have to brace themselves for higher prices when the iPhone 16 series finally launches.

To recall, the iPhone 15 Pro was announced in India at a price of Rs 134,900 and the Pro Max at Rs 159,900. So, the iPhone 16 Pro and Pro Max could either cost the same or Apple could hike the prices by a few thousand rupees to cover the cost of better components and premium features. Since the company has increased the prices of the iPhone 15 Pro by Rs 5,000 and the Pro Max by Rs 20,000, it is not expected to announce a major price hike with the launch of the iPhone 16 series. The iPhone 15 went on sale in India at Rs 79,900 (128GB storage model) and Rs 89,900 (Plus model). Keep in mind that like every year, Apple will also slash the prices of the previous generation models. So, people could buy the iPhone 15 series at a discounted price.