TF Securities analyst Ming-Chi Kuo says Apple’s new and affordable iPhone model, which is set to launch in the first quarter of next year, will be the Company’s “key growth driver,” according to CNBC.

Kuo said the new iPhone, which he calls the iPhone SE2, will include the same processor as the iPhone 11 models. The SE2 will be a second iteration of Apple’s original iPhone SE, which launched back in 2016.

In a note to investors, Kuo mentioned that the iPhone SE2 will have a similar design to the iPhone 8. That suggests that Apple will most likely reuse parts from previous phones, but upgrades some of the internal components. Kuo said that model will be offered in silver, space gray, and red.

Kuo believes that the iPhone SE2 will be a key driver for Apple because it will encourage users with older models to switch. Specifically, Kuo highlights consumers still using the iPhone 6 or 6s models, which he estimates to be roughly 200 million people.

Moreover, Kuo also notes that the recent iOS 13 software update does not support iPhone 6 models.

The “iPhone 6 and 6s series are the best-selling iPhone series, and we estimate that around 170–200mn people are still using iPhone 6 and 6s series now,” Kuo wrote. “The iPhone 6 series users may have more urgent replacement demand for an upgraded model because iOS 13 doesn’t support iPhone 6 series.”

Apple has come under scrutiny by consumers who complained that the iPhones were becoming too expensive. However, Apple just recently launched its iPhone 11, which is significantly cheaper than the previous iPhone X.

According to Apple’s site, the new standard iPhone 11 starts at USD 699.00 for the basic 64 GB model, while the larger 256 GB model costs upwards of USD 849.00. In comparison, the iPhone X at launch was USD 999.00 for 64 GB model, while the 256 GB model was USD 1,149.00.