While Apple has previously offered substantial changes to the design of its flagship iPhone line every two years, the company is said to be moving to a three-year design cycle. The upcoming iPhone 7 will reportedly take after the design of the current model, which debuted in 2014 with the iPhone 6.

Apple reportedly moving to three-year iPhone design cycle

From Nikkei Asian Review:

The new version slated for this autumn will look almost identical to the current iPhone 6. Functions such as the camera, water resistance and battery capacity will likely be improved, and the headphone jack will be removed. Also, a high-end version of the model will give users better-quality photo capabilities via correction functions. 

Nikkei expects this move to have a major impact on Apple's bulk suppliers across Asia. These companies rely on Apple and the iPhone for much of their business.

The move to a three-year design cycle for the iPhone lines up with previous reports about not only the iPhone 7, but also the iPhone set for 2017. The latter model is said to be a major redesign that could include an edge-to-edge OLED display with an embedded Touch ID sensor.