Apple released the iPhone X in 2017; it introduced the new 5.8” display size before which 5.5” display on the iPhone 7 Plus was the largest. The following year, the company introduced the iPhone XS Max with 6.5” screen size and also the iPhone XR with a 6.1” screen.
For next year, Apple is reportedly working on bringing back the iPhone SE with the body of the iPhone 8 coupled with the internals of the latest iPhone 11. At the same time, the rumours also point to a new iPhone with a 5.4” screen.

A lot of people find the 5.8” size screen to be big and constantly look for a smaller option. However, there are not many options available in the market at the moment. But if Apple does actually release the 5.4” iPhone without any bezels, it would definitely be the best compact phone people could buy.
A compact flagship iPhone
We expect the 5.4” iPhone to be a flagship product and not an iPhone 11 model which will use an inferior display or lack some features. We expect the phone to be priced around $649 bringing back the flagship price from the pre-iPhone X era.
The iPhone was a very popular phone and it still continues to be in the used market as a lot of people like to use small phones which fit in their pockets with ease. Also, the iPhone SE was a comparatively much cheaper phone than the iPhone 6S or the iPhone 7 at the time which pulled a lot of people towards it.
The iPhone 5.4” won’t be the next iPhone SE but it will be the new compact flagship iPhone. Apple is already working on bringing the second gen iPhone SE to the market which will focus on putting the iPhone in developing markets.