Increased shipments of Apple's iPhones will be a key "volume driver" for the supply chain, according to Morgan Stanley. Consumers have been replacing their iPhones less often — an average of every five years from 3.7 years in 2021, according to the bank. But the situation is set to change, with Apple Intelligence predicted to be a "key iPhone replacement driver." Apple announced its Apple Intelligence feature , its take on generative artificial intelligence, last month.
"We expect Hon Hai to retain its iPhone assembly share at ~63%, given its solid time-to-market delivery and accelerated output from new production sites in India," said Morgan Stanley analysts. They estimate its iPhone assembly revenue will grow 13% year on year in 2025 and 10% year on year in 2026. Morgan Stanley said Luxshare's Apple exposure is 70% to 80% of its total revenue, given key component upgrades for the iPhone's AI features.
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