Apple has a great deal of loyalty among its consumers, but it is not helping the company in terms of sales. The rising costs of the iPhones and growing competition from the likes of Samsung and Huawei haven't made it easy for Apple in certain markets like China. But the Cupertino-based tech titan has a trick up its sleeve to regain its lost share in the world's largest smartphone market.

According to the latest Nikkei report, Apple is planning to launch a cheaper iPhone in 2020 in order to stabilise plummeting sales. The report says the move is to "retake ground in China lost to Huawei Technologies and other rivals."

Apple's take on low-cost iPhone in the form of iPhone SE paid off well. But the company discontinued the model after selling around 40 million units, as per Nikkei. The 4-inch iPhone priced at $399 was critically-acclaimed and helped consumers get onboard the iOS ship without having to break the bank. If the latest rumour is true, the ship hasn't sailed yet.

iPhone SE 2 3D CAD renders by Onleaks & Tiger Mobiles
iPhone SE 2 3D CAD renders by Onleaks & Tiger MobilesTigerMobiles

Rumours about iPhone SE 2 have been making the rounds of the internet since last year. But no concrete evidence has been linked to the cheaper iPhone's release, losing all hopes of ever seeing another iPhone SE variant. That might be true, but only to a certain extent.

The rumoured low-cost iPhone could succeed the iPhone SE, but only in terms of pricing. The new model is expected to be similar to the 4.7-inch iPhone 8. The handset is expected to ship with an LCD display, a single-lens rear camera and 128GB storage. These are markers of an affordable smartphone, but the pricing hasn't been revealed yet.

Apple's iPhone SE as seen on its official site
Apple's iPhone SE as seen on its official siteApple

Industry analysts are supporting the new iPhone SE plans as they could favour Apple in boosting sales and securing its user base. Apple's $1,000 iPhones are not appealing to the masses in emerging markets and even the so-called affordable iPhone XR and its successors are not priced inexpensively. Launching an iPhone under $400 could turn the tables around for Apple in markets like China and India.

The news of a cheaper iPhone comes on the heels of Apple's big launch of iPhone 11 series on September 10. The leaked pricing of the new iPhones, iPhone 11, iPhone 11 Pro, iPhone 11 Pro Max, suggests Apple will follow last year's strategy. The iPhone 11 lineup could start at $749 and go up to $,1099 for the iPhone 11 Pro Max. Stay tuned for updates.