Apple (NASDAQ: AAPL) is about to refresh its smartphone lineup this month, with the next set of iPhones expected to be revealed at the tech giant's Sept. 7 event.

This event will be important for Apple as the iPhone is the company's biggest source of revenue, producing nearly $163 billion in revenue in the first nine months of its fiscal 2022 and accounting for almost 54% of its top line. It is worth noting that the last two generations -- the iPhone 12 and the iPhone 13 -- have met with massive success.

Driven by the rapid adoption of the 5G wireless standard, those devices did well despite the novel coronavirus pandemic and supply chain constraints. However, Apple now faces a new adversary, this time in the form of inflation severely impacting the global smartphone market. Will this headwind knock the wind out of Apple's upcoming iPhones? Let's find out.

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Source Fool.com