The “iPhone mini” could grab 11 percent of the low-end smartphone market within the first year. In the worst cast scenario, the budget iPhone could cannibalize about 30 percent of existing iPhone sales, according to AppleInsider.

According to Piper Jaffray’s Gene Munster, Apple’s low-cost iPhone is likely to launch in September with a price tag of around $300. This phone would carry a gross margin of 30 percent for Apple, compared to 55 percent for existing models.

The budget iPhone’s likely release is being billed as a way to satisfy customers in developing nations who wish to spend less on smartphones. In recent months, we’ve heard quite a bit about this phone. Better still, we’ve seen various concept designs released, including those here and here.

See also: The Budget iPhone To Come In Multiple Colors And Have A 4-Inch Screen Says Analyst, and As Talk Of A Lower Priced iPhone Takes Hold, Some Questions.

Photo: iPhone mini concept by Nickolay Lamm