Update: The iPhone SE 3 is said to have 1.4 billion users. And that's thanks to 5G.

The iPhone SE 2020 is about to celebrate its second birthday, and while this cheapest Apple phone still offers tremendous value, its age is starting to show. Fortunately, Taiwanese research firm TrendForce has reiterated its report that the iPhone SE 3 could arrive in the first quarter of 2022.

And the expected shipments for Apple's first mid-range 5G iPhone appear to be quite large.

"In terms of product development, Apple maintains plans to release the third-generation iPhone SE in 1Q22 and the four new series models in 2H22," the TrendForce report states.

Since Q1 runs through March 31, if correct, the iPhone SE 3 would appear before the recent iPhone SE turns 2 years old on April 24.

"The third-generation iPhone SE is expected to be a key instrument for Apple to establish a presence in the mid-range 5G smartphone market segment," the report continues.

"Production is projected to reach between 25 and 30 million units in 2022.

For comparison, research firm Omdia reported that the previous 2020 iPhone SE had shipped a total of 24.2 million units in its first year of sales. In other words, this would be a significant jump.

Of course, iPhone SE 3 is our abbreviation, and Apple has always preferred to call each low-cost device simply "iPhone SE." However, this may apparently change with this generation, and one report suggests that Apple is considering the name iPhone SE Plus. The "Plus" tag in this case is confusing, referring to the device's new 5G connectivity, rather than a larger frame like previous smartphones.

The next iPhone SE still appears to be modeled after the 4.7-inch iPhone 8, and a physically larger 5.7-inch to 6.1-inch SE device is said to be several years away. This means that we can expect a somewhat outdated look similar to the current model, with a home button and thick top and bottom bezels.

But it's what's inside that matters, and whatever its past form, we can expect the same lightning-fast Apple A15 chip that powers the excellent iPhone 13 family.

If that is correct and Apple manages to keep the price around $399, the iPhone SE 3/Plus will be very competitive. Android devices in this price range are not slow by any means, but even Qualcomm's top-of-the-line Snapdragon 888 cannot keep up with the A15 Bionic, and mid-tier models will struggle even more.

Apple will undoubtedly have to make compromises to keep the cost of the new iPhone SE down. However, it would remain a big surprise if this were not a new hit for Apple. Especially if the iPhone 13 delivery delays continue into March. Hopefully Apple will resolve the strange Bluetooth issues that some car iPhone 13 users are experiencing.