This whole idea of a low cost iPhone is too late. Apple won't compete at a low enough price with the Android phones. Maybe Apple could have gotten away with this back a couple years ago when they were all anybody wanted, but today they aren't the hip brand.
Some of the other markets lag trends in the west, but that's not usually the case in technology. I suppose this will check off a box that investors think Apple needed to do, but I don't see much other happening.
Apple is still pushing the same tired phone they were a few years back. Yeah, it's quicker and has a nicer screen that's a little tiny bit larger, but it's still basically the same thing since 2009. There was a period of time where it seemed like smartphones were changing everything we did, but then it just stopped. Apple doesn't let you print, music and apps locked to specific accounts on specific computers, you can't just plug it into a car radio and play music, you can't just mount it as a drive and transfer files, you can't easily change the phone's theme to personalize it, no wireless charging, no nfc, no IR blaster to control my tv, no digitizer to scribble a note.
The iPhone is their cash cow and they've basically stopped trying to innovate. It's all about locking people in to their platform to try to stop people from leaving. Meanwhile in Android world we're seeing real competition as companies try to out-do and out-offer the other guy. Waterproof phones? Yep. Phones that are big enough to be a tablet? Yep. 43 megapixel cameras? Yep. Phones with massive batteries to go days on a charge? Yep. Phones that mirror content? Yep.
Apple is just now standard and boring. They've basically morphed into a Microsoft of 2000. Turn out the same predictable thing that works but fails to excite or innovate.