According to the analyst, Apple will also release a new 5G iPhone SE in the first half of 2022, followed by a slate of flagship "iPhone 14" models with under-display Touch ID and lower prices, AppleInsider reported.

iPhone SE will sport the same form factor as the current iPhone SE, but will add 5G support and an upgraded A-series chip, the report said. Kuo also expects the device to be the "cheapest 5G iPhone model ever."

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Additionally, the analyst forecast that Apple will release two high-end and two lower-end iPhone models in the latter half of 2022. Both standard sized models will pack 6.1-inch displays, while both "Max" devices will have 6.7-inch displays.

Kuo didn't mention any smaller-sized iPhones, which could suggest an end to Apple's 5.4-inch iPhone mini series. Those devices could benefit from growth drivers like under-display fingerprint readers using proprietary Apple technology and a wide camera upgrade to 48MP.

Kuo also believes that Apple could drop the price for at least one larger iPhone model to somewhere in the sub-USD900 range. Kuo expects iPhone shipments to reach 230 million to 240 million units in 2021 and 250 million to 260 million units in 2022.

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