Apple to Switch to 3-Year iPhone Cycle

apple iphone 7 rumor specs
An Apple logo adorns the wall of Apple's new retail store in San Francisco, California, U.S., May 19. Reports suggest the company will switch to a three-year launch cycle. REUTERS/Noah Berger

The next iPhone, presumably called the iPhone 7, will only be an incremental upgrade of the iPhone 6s, with reports suggesting Apple will extend the iPhone's product cycle.

The Cupertino company currently takes two years between full-model changes of its smartphones; however, this will change to a three-year cycle according to Nikkei Asian Review.

The iPhone 7 is expected to be unveiled in September and will look "almost identical" to the current iPhone 6. Minor improvements will be made to the device's camera, waterproof capabilities and battery capacity, while previous rumors have suggested that Apple will ditch the headphone jack for its future smartphones.

The latest report casts doubt on other rumors surrounding the device, which suggested Apple's next flagship smartphone will be thinner than its predecessor.

Major enhancements to the 2017 model will reportedly include an electroluminescent display and a new motor capable of producing more complex tactile vibrations.

The Japanese publication cites a slowing market and limited advancements in smartphone functions as reasons for Apple's switch.

Apple reported its first ever decline in iPhone sales earlier this year, suffering a 16 percent decline in its Q2 2016 results.

CEO Tim Cook cited the pace of smartphone upgrades as a reason for the slump, saying the company was unable to match the "accelerated" upgrade cycle it achieved when it launched the iPhone 6 in 2014.