iPhone Upgrade Rates Hit 37% With 9-Point China Surge, 27% Eye Foldable
A Morgan Stanley survey found global iPhone upgrade rates climbed to 37% in late 2025, with 9-point year-on-year gains in China and 18% growth in higher-storage configurations. Additionally, 27% of users expressed interest in an upcoming foldable iPhone, supporting expectations of fiscal 2026 revenue exceeding forecasts.
1. Record iPhone Upgrade and Storage Demand
A Morgan Stanley late-2025 AlphaWise survey shows global iPhone upgrade rates climbed to 37%, a 2-point year-on-year increase. Upgrades to higher-storage models rose 18%, indicating strong consumer preference for expanded capacity.
2. China Upgrade Rates Leap
China upgrade rates jumped 9 points year over year to record levels, outpacing other regions. Increased switching trends contributed to Apple’s market share momentum in the world’s largest smartphone market.
3. Foldable iPhone Interest
The survey found 27% of respondents interested in a future foldable iPhone model, hinting at a potential new upgrade wave. Analysts believe this could drive additional demand and differentiate Apple from competitors.
4. F1 Partnership Targets Younger Fans
Apple struck a partnership with Formula 1 to enhance engagement with younger consumers at major Grand Prix events. The deal will leverage F1’s growing U.S. races and digital initiatives to strengthen Apple’s brand in key demographics.