New data reveals intriguing trends in the iPhone 15 series, highlighting that the latest Pro versions are matching the popularity of the iPhone 14 Pro lineup. According to information shared with investors by UBS Evidence Lab and reported by AppleInsider, there are notable differences in demand for the iPhone 15 lineup compared to its predecessor, the iPhone 14 series.
In the days following the iPhone 15 launch, the data indicates that wait times for the lower-end iPhone 15 models have increased compared to 2022. Conversely, wait times for the Pro models have slightly decreased in most major markets, including the US, China, and Europe.
To be more specific, the average wait times for the iPhone 15 Pro models are four days shorter than those for the iPhone 14 Pro lineup in 2022, while the wait time for the iPhone 15 Pro Max is just one day longer. Of particular interest is the Chinese market's behavior in this context.
According to Counterpoint Research, year-to-date (YTD) smartphone sell-through in China was down about 4% year-over-year (YoY). Despite that, iPhone units were up almost 5%, allowing Apple to capture a market share of 17.4%.
Nonetheless, the wait time data underscores the potential influence of regional economic conditions and the introduction of competing products on consumer demand. Wait times, or lead times, represent the duration between ordering a product and its delivery or availability for pickup.
While extended lead times can sometimes signify heightened demand for a particular model, it's not always a straightforward correlation. For manufacturers and retailers, lead times can also serve as an indicator of the effectiveness of the supply chain.
Regarding the iPhone 15 series, the shorter lead times for the Pro models could imply either lower demand or improved supply chain efficiency, while the longer lead times for the base models might suggest increased demand or potential supply chain challenges.
Interestingly, wait times for the base model iPhone 15 and iPhone 15 Plus are longer than earlier in September and are, on average, ten days longer relative to 2023. It could indicate macroeconomic pressures in certain regions like Europe, where consumers might opt for less expensive devices.
UBS maintains Apple's stock as Neutral with a price target of $190.