Apple co-founder Steve Wozniak is known for his legendary status in the tech industry, given his extensive knowledge on Apple products. Although he was no where involved in the creation of iPhones, his contribution to personal computer industry will be remembered for ever.

On his recent visit to China, Wozniak explained to journalists in Dongguan about why he thinks iPhones sell well, despite being overpriced in comparison to the Chinese handsets. People in the US are still buying expensive iPhones as they are the "safe bet."

"Apple products are safe. And Apple's pricing is high in the extreme. It's a safe bet for a lot of people," said Wozniak, according to South China Morning Post.

Steve Wozniak
Steve Wozniak, co-founder of Apple, speaks at the CUBE Tech Fair for startups on May 12, 2017 in Berlin, Germany.Sean Gallup/Getty Images

Talking about the low-cost Chinese handsets that offer high-end features with intelligent designs, here's what Wozniak had to say:

"Here is what I admire about Chinese phones: really good, intelligent decisions about how to lower the cost but keep enough of the functionality in, because I am into products that are good, well designed, nice looking, but at prices that the average person can afford."

Despite the obvious price advantage of Chinese smartphones over an Apple phone, the iPhone is considered as a safe bet given its quality, reliability and innovation put together in one piece.

"In life I don't believe in quantity as much as I do in quality. So you may not have the hugest share in the market or be the No 1, but you should have the best product you can possibly build and Apple qualifies for that," Wozniak told reporters in a tech forum at Tianan Cyber park in Dongguan, Guangdong province.

Wozniak goes on to admit that he may sometimes switch over to Android phones out of curiosity. But, he has never felt comfortable using the Chinese or Russian phones as they didn't seem to work for him.

Talking about Apple's declining market share in China, here's what Wozniak says:

"You may not have the hugest share in the market or be the No. 1, but you should have the best product you can possibly build and Apple qualifies for that."

Wozniak's claim on iPhones' quality, reliability, and innovation will once again face a stern test this year as the highly-anticipated iPhone 8 is expected to launch sometime in September or October at a staggering price of $1,000 or more.