We are already past the peak of the iPhone 7 and 7 Plus, reports KGI analyst Ming-Chi Kuo. In the coming months, shipments will decline and they've already fallen in November. Kuo predicts Apple's suppliers will adjust their iPhone shipment estimates down by 5-15% for November-December.

The lack of demand for the new iPhone is believed to come from Apple not making many significant upgrades to the handset. People who already have a recent iPhone may sit out this generation.

KGI has reduced its Q4 2016 iPhone shipments figure from 85-90 million to 80-85 million.