There are plenty of reasons to believe Apple has a healthy future ahead of it, but a new study suggests it might be an even richer future than some may think.

In a wide-ranging survey of more than 5,200 teenagers (PDF), analyst Piper Sandler found that 85 percent of teenagers currently own an iPhone. Better yet for Apple, 88 percent of teenagers say when they buy their next smartphone, they plan to buy another iPhone. The survey covered Spring 2020. In Fall 2019, 83 percent of teens said they owned an iPhone and 86 percent said they'd buy Apple's smartphone.

This is the latest bit of good news for the company's investors, who have been wondering if the smartphone market has matured and if there are fewer opportunities for Apple to grow profitability in the coming years. It's also good news for the constellation of small companies that make iPhone gear and accessories.

For its part, Apple has tried to apply more focus to services, health, and augmented reality, to reduce its reliance on the iPhone. And with the services division growing in leaps and bounds, the move has worked.

But the data shared by Piper Sandler this week also suggests there's little fear of the iPhone business losing its way any time soon.

Apple has successfully educated an entire generation to use its smartphone. They enjoy using that smartphone so much, they apparently want to get another.

More important, the company has also been conditioning those teenagers to use App Store, Apple Music, iCloud, and other services the company provides exclusively on its devices. It makes moving to alternatives far more difficult.

And it's not just the iPhone.

The report found the Apple Watch is the top smartwatch choice for teenagers with 25 percent penetration in that market, up from 20 percent in the last survey.

In sum, the survey tells a good story for Apple. The company already has significant market share and has enjoyed widespread success among shoppers. Now it can look forward to today's teenagers having a similarly strong demand for its devices in the future.