San Francisco, Mar 16 (IANS): The new iPhone SE (2022) could generate $20 billion in its first year, says a new report.

Analyst Amit Daryanani has predicted an upswing in shipments and sales of Apple products, driven mainly by the iPhone SE (2022) which was officially unveiled a few days back, reports GizmoChina.

The budget iPhone SE is the third iteration of the product and its price is just above $400, while it comes with several premium-grade features.

Daryanani said the iPhone SE 3 launch will provide the much-needed tailwind to surpass the shipment of 35 million units of the model within its first year.

This projection is driven by some key fundamentals which indicate that the latest iPhone SE will draw traditional older iPhone users to the budget-friendly smartphone, the report said.

Apart from its 5G capability, the iPhone SE 3 is powered by Apple's premium A15 bionic chip, which is also present in the iPhone 13 series.

This puts the iPhone SE 3 on a higher pedestal performance-wise, with most of the budget phones in the segment, as well as older iPhone models.

Even with shipment costs, the new iPhone SE 3 will hover around $450-$500 and that could yield up to $20 billion in annual revenue for the Cupertino-based tech giant.

The quantum of units of the iPhone SE 3 sold could account for up to 5 per cent of the revenue projections of Apple by the end of 2022, which is impressive.

Daryanani sees the iPhone SE 3 as well-priced for the features it comes with, together with the fact that it outperforms some of the older iPhone models like the iPhone 8, as well as its 5G capabilities.