Apple iPhone 5S
Apple iPhone 5SReuters

American technology giant Apple is reportedly working on the iphone 5  successor as well as planning to bringing in a cheaper variant of iPhone based on poly-carbonate material.

Japanese website Macotakara citing a trusted informant has revealed that Apple's iPhone 5 successor (expected to be christened iPhone 5S) will sport a bigger 4.5-inch display as well as dual-LED flash for the main camera to assist in low-light image capture. It also claimed that the Cupertino company is reportedly working out plans to use polycarbonate material used in the Apple's MacBook Laptop to make cheaper iPhone model.

The website also claimed that the new Polycarbonate iPhone will come in multiple colours sporting a much bulkier body and will be almost half the price ($330) of the current iPhone models which cost more than $630 (with-out contract) and it is expected to hit stores only in 2014.

The speculations of the new iPhone variants have flooded the internet ever since Samsung took over as the number one smartphone maker at the end of 2012. Many market analysts began stating that Apple needed a new business plan to counter its Samsung's ever growing profits.

Market analysts had opined that if Apple needs to extend its reach, it has to bring in less- expensive devices to emerging markets such as India and China, where a major chunk of the population is mostly from the middle class.

According to recent reports, Apple has made tremendous progress in the Indian markets thanks to innovative marketing through EMI (Easy Monthly Installment) payment mode for iPhone 5.The drop in prices of older iPhone models has also helped the company to gain a significant market share in the sub-continent.

If the reports of a cheaper iPhone do become a reality, Apple can further extend its lead in emerging markets of Asia and Africa, and also stands a chance to take over Samsung as world's top smartphone maker.

(With inputs from Macotakara via