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The new phone features a 12-megapixel rear shooter and optical image stabilization, additional colour filters, a new sensor and software tweaks that make it easier to adjust lighting effects.

However, market observers say that Chinese smartphone makers, including Huawei and Xiaomi, are on the trails of Samsung and Apple, having been equipped with technology and price competitiveness.

The announcements were made for the first time from the new Steve Jobs theater, in Cupertino, California where Apple has announced its 10-year-anniversary iPhone X.

The iPhone X features a screen that stretches to every corner, eliminating the black or white border.

Apple shares tumbled as much as 2.1 percent Wednesday, to $157.91, after dropping 0.4 percent Tuesday immediately after the iPhone event.

According to Apple's Chief Executive Tim Cook, this was "the biggest leap forward since the original iPhone".

Apple could've just said we are having production issues and chose to focus on its core markets considering the expensive nature of the phone - India may not be a high volume play for the company.

The iPhone X sports front and back glass panels, and it has "surgical-grade" stainless steel around the frame. Without the App Store, for example, companies like Uber may not exist. It has two high-performance cores, four high-efficiency cores, and the first GPU to be designed by Apple.

The first thing we notice on the iPhone X is its near bezel-less display that occupies nearly all of the front area except for notch on the top for the camera.

You can still expect around 18 hours of battery life even if you opt for the cellular model, too.

The company also announced a new wireless charging pad, Air power, that will be able to charge the new phones and watches and even AirPods, the company's wireless earbuds, if the consumer buys a new special case for them.

Combine that with an unprecedented $999 price tag for the entry-level iPhone X, and some on Wall Street were underwhelmed. However, Apple's website notes that it works with Sprint to offer its phones, so more information should be coming soon.

All three new handsets will be capable of wireless charging and are adapted for augmented reality with more powerful processors and cameras. The US price for iPhone 8 is being settled at $699 and for iPhone 8 Plus is $799.

The move means that the Watch can be used by runners or fitness enthusiasts to listen to streamed music or check messages and notifications without having their phone with them.