Loop Ventures' managing partner Gene Munster argued on Wednesday that Apple (AAPL) - Get Report will bring its Apple Glasses to market by 2020, and the eyewear product has the potential to eat into sales of the iPhone.

Munster contends that iPhone growth will top in fiscal 2019 before embarking on a slow decline with the introduction of Apple Glasses.

"We expect iPhone revenue to grow at 15% in FY18 (essential the next iPhone cycle) and account for 64% of revenue," Munster said. "We believe tough comps after the next iPhone cycle will have a negative impact on iPhone growth in FY19, and in FY20 we believe Apple Glasses will start to impact iPhone sales."

He suspects iPhone revenues will begin to drop by about 3% to 4% year-on-year between 2020 and 2022, with unit sales falling up to 2%.

"In 10 years we expect the iPhone will be around, but be a much smaller part of Apple's business as Apple Glasses slowly gains market adoption," Munster said.

Shares of Apple closed higher 1.46% to $145.83 on Wednesday.

What's Hot On TheStreet

A VIP gives his market outlook: Nobel Prize winning-economist Robert Shiller told TheStreet's Anders Keitz that U.S. equities markets are "quite high" currently but may go even higher in coming months, and that's why he's not exiting the market completely. Indeed there's another thing that could have an unpredictable effect on the market Shiller explains: The narrative around Donald Trump.

"Short-run forecasting of the market is very hard," said Shiller. "I think it's a time for caution, but it could go up substantially."

Apple iPhone 8 pictures leak: Apple's (AAPL) - Get Report iPhone 8 looks kind of cool. That is if yet another photo leak is to be believed. Noted Apple information leaker Benjamin Geskin tweeted photos of an alleged iPhone 8 finished prototype on Thursday evening (head here to see). Suffice it to say, Apple is gearing up for the mother of all product launches. And consumers look ready to respond.

About 92% of iPhone owners say they are "somewhat likely or "extremely likely" to upgrade their smartphone in the next 12 months, according to a note from Morgan Stanley. The loyalty rate is up sharply from 86% one year ago.

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Editor's Pick: Originally published June 28.