Reports indicate that wait times for the new iPhone 14 Pro models are now approaching four to six weeks for Apple customers as demand rises.
Furthermore, wait times for the new devices are likely to increase in November.
iPhone 14 Pro Series Brings Longer Wait as Demand Rises
In a note to investors, the investment firm Wedbush stated that it is seeing increasing demand for the iPhone 14 Pro series. Analysts Daniel Ives and John Katsingris also believe the iPhone 14 Pro mix is up to 85% to 90%, compared to the iPhone 13 Pro mix of around 60% to 65% at this point within the cycle.
Additionally, overall demand tracking is 8% to 10% ahead of the expectations from the firm for the iPhone 14 Pro models. However, further reports suggest that Apple will likely face supply issues should demand keep this pace through the holiday season, continuing sales into early 2023.
Of course, Foxconn (Hon Hai) has already been sent orders from Cupertino to increase production of the iPhone 14 Pro series.
For Apple, sales are also strong in China. According to Wedbush, approximately 30% of Chinese iPhone owners may likely upgrade to the iPhone 14 line. In China, sources state that retail servers within the country crashed as consumers placed over two million total orders for the Pro line within the first 24 hours.
Looking Ahead
Furthermore, additional research shows that demand for the iPhone 14 Pro Max exceeded the iPhone 13 Pro models in another way. Investment bank Morgan Stanley provided analysis showing that it had the longest lead time of any model seeing release in the last six years at similar times after debut, which is 36.5 days. However, the iPhone 14 Pro was on par with the iPhone 13 Pro models at 29.5 days.
Recently, JP Morgan also shared data stating that the iPhone 14 Pro currently has an average delivery time of 35 days. The Pro Max is at 41 days.
Lastly, Wedbush maintains its Apple price target of $220, which the firm raised in August 2022. This target is based on a 19x multiple for Services at $1.6 trillion and a 7x multiple for Hardware for $2.1 trillion.
For those waiting on the iPhone 14 Pro, a new update next week will fix several bugs, including those involving the new camera.
Are you currently waiting on an iPhone 14 Pro or Pro Max? Let us know in the comments.