Summary

Revenue estimates call for 16.2% growth.
Unit sales not likely the key driver.
Apple in line with many "growth" companies.

This year's iPhone refresh from Apple (AAPL) is one that is expected to help the company's revenues surge to a new all-time high in fiscal 2018. While that may not be surprising to many, a lot of investors probably don't realize how this growth is likely to be achieved. Additionally, while the company's top line is expected to accelerate quite a bit, how many people realize that Apple may rival many key growth firms over the next year?

While the Street is expecting Apple to set a new all-time iPhone sales record for its September 2018 ending fiscal year at around 245 million units, that growth is in the low teens percentage wise and not a substantial surge from the previous record of 231 million seen in fiscal 2015. As an analyst from Guggenheim points out, a large chunk of the company's overall revenue growth will be driven by greater average selling prices.

The iPhone X starting at $999 will obviously be a big reason for the jump in ASPs, but don't forget that Apple also raised prices from the iPhone 7 to its 8 counterparts. There will be a slight headwind from Apple selling an extra legacy line, the 6s this time around, as well as a potential increase in SE sales if the company introduces a second edition in Spring 2018.

However, the analyst noted above sees an average iPhone selling price of $770 in fiscal 2018, which is about $100 above where Apple is now. The chart below shows a comparison of iPhone ASPs through the first three quarters of its recent fiscal years, and we've seen a $9 increase this year, although again still below 2015's high. The last ASP surge came with the huge iPhone 6 cycle.

(Source: Apple quarterly filings)