Apple is getting ready to launch its first 5G iPhone range, the Nikkei Asian Review said on Wednesday.

"It will be the first time Apple introduces 5G iPhones ... There will be three of them and the company has set an aggressive sales target," Nikkei here quoted a source as saying.

The three new iPhones will carry a 5G modem chip designed by Qualcomm, Nikkei added, citing four people familiar with the plan.

Apple has also bought Intel's smartphone modem business and it hopes to develop this essential component in-house, a project that may take several years.

The new iPhones will also feature Apple's latest-generation processor, known as A14, that will use the world's the advanced 5-nanometer chip technology, as made by Taiwan Semiconductor Manufacturing Co.

At least two of the three new phones will also have flexible organic light-emitting diode (OLED) displays, the report added.

In addition, Apple is developing a new 3D sensing rear-camera that can sense the environment and detect objects for applications such as augmented reality games.

Apple and Qualcomm declined to comment.

Apple also plans to roll out a more cost-effective iPhone SE next spring as part of its strategy to keep targeting budget-sensitive consumers, especially in emerging markets such as China.

Apple has been slow to embrace 5G. The iPhone 11 series this year only features 4G wireless technology. Rivals such as Samsung Electronics, China's Huawei Technologies and second-tier competitors such as Oppo and Xiaomi, have already launched 5G phones.

China is more advanced than most countries in installing 5G capabilities around the country. By 2025, London-based GSMA estimates that China will have 600 million 5G subscribers, about 40% of the global total, the Financial Times has reported.

Apple's embrace of 5G will now likely push global carriers outside of China, such as AT&T and Verizon, to accelerate their investment in the rollout of 5G infrastructure in order to get the environment ready for end-users and so cash-in on high-speed applications, such as advanced gaming.