"Strong revenue growth is going to continue until everyone who wanted an iPhone gets an iPhone and that's probably going to be next March," he said, noting that January to March is traditionally the gift giving season in Japan.
In order for Apple to increase its addressable market in China, it needs to lower the price of its devices and add China Mobile as a carrier of its products, said analysts.
(Read more: Apple, China Mobile deal may be coming soon)
Apple was expected to announce a partnership with China Mobile, the world's largest mobile carrier with 750 million subscribers, during a launch event in Beijing in September. However, no deal has been confirmed.
"China Mobile is a way to open up a whole new market. Partners are critical to driving sales volume. All handset makers operate that way," said Alberto Moel, senior research analyst at Sanford C. Bernstein.
Melissa Chau, senior Research Manager at IDC Asia Pacific agrees that a deal with China Mobile is critical to Apple's success in the mainland, but points out that the company is running out of partners to tie up globally that will drive huge jumps in revenue.
(Slideshow: Rising smartphonestars look to outshine Apple)
"Apple's biggest growth comes with tying up with new partners, and as long as they can do so, they are on a good growth path," said Chau.
"(However) they have covered most partners. China Mobile would be a feather in their cap, but what then?," she said.
—By CNBC's Ansuya Harjani; Follow her on Twitter@Ansuya_H