Apple Launching Smaller iPad Already?

Despite the iPad's surprising success, Apple is reportedly already at work on a new, smaller version of the popular tablet computer.

According to a report from The Economic Daily News in Taiwan (via AppleInsider), Apple is prepping a follow-up act to the original iPad that will reduce the tablet's size from 9.7 inches to approximately 7 inches. In addition, the weight of the device will be reduced from 700 grams to 500 grams. The Economic Daily News also reported that the smaller touchscreens would by supplied by Chi Mei and LG, and that the new 7-inch iPad could be release as early as the end of this year.

The new 7-inch iPad rumor follows last week's story from Taiwan's DigiTimes that claimed the next iPad model would also be 7 inches and come with a new ARM Cortex-A9 processor and a screen resolution of 1024x768. A number of rumors and unsubstantiated reports related to Apple's next iPad have emerged ever since the original went on sale in April. Apple's tablet device has exceeded the company's own expectations, as well as those of many analysts, by selling more than 3 million units since its release.

Apple has established a pattern of releasing major product updates for both its popular iPod and iPhone lines about once a year. However, Apple may be speeding up its normal update schedule considering how quickly the tablet market has heated up. A number of competing manufacturers are readying tablet PCs, many of which are smaller than the 9.7-inch iPad, for the consumer market.

For example, Dell recently unveiled the 5-inch Streak tablet, which will run Google's Android operating system, and Samsung introduced its Galaxy tablet this summer, which will reportedly be a 7-inch device. Meanwhile, Taiwan's own Asus plans to launch its 8-inch Eee tablet this fall to compete directly with the iPad.

While even more would-be iPad competitors are lining up to take their shots at Apple, from HP to Research in Motion, it looks like Apple isn't resting on its laurels and plans to stay one step ahead of its rivals.