Rising Production Costs Could Lead Apple to Raise iPhone Prices in 2024

iPhone 15 production costs are at record highs, up to $558 for Pro Max model, due to more expensive components like cameras and titanium frame.

Increased costs could lead Apple to raise retail prices for next year's iPhone 16 lineup, after absorbing higher expenses this year.

Other iPhone 15 models also saw component cost increases between 8-16% compared to iPhone 14 versions.

Apple discontinued 128GB Pro Max model, meaning buyers have to pay $100 more now for base Pro Max.

Research firm and Nikkei Asia believe growing production costs may soon hurt Apple's profits if prices aren't raised for future models.