Wedbush analyst Daniel Ives write a note to clients dated today pointing out that with Apple's first virtual new product event of 2021 taking place on Tuesday, the focus of the event will be three new tablet models including a new iPad, iPad mini, and iPad Pro. Last year, thanks to the pandemic, the iPad recorded 40% year-over-year revenue growth during the last few quarters.
Analyst sees Apple unveiling two new iPad Pro units, a new iPad mini and a 2021 iPad
How did COVID-19 put a charge into the tablet market? As more people started working from home, the iPad became a useful tool and at the end of the work day it was perfect for those who wanted to unwind by binge watching a television series or by playing a video game. And the iPad also became a must-have for kids who were attending virtual classes by day, and streaming movies, television shows, and playing games at night.
Ives believes that there are plenty of iPad users who need to upgrade to a newer model. The analyst says, "We estimate only ~40% of iPad users have gone through a refresh the last year with some clear pent-up demand that these new iPads will unleash in the next few quarters thus giving Apple another product tailwind." He also expects the Services business to continue showing strong growth and measures the value of that unit at $1.3 trillion as the installed base of iPhone users continues to be milked for cash by Apple.
We should see Apple introduce two iPad Pro units, one with a 12.9-inch mini-LED display and the other with an 11-inch LCD display. Under the hood we expect to see the A14X Bionic chipset which is reportedly as powerful as the M1 chip used on certain Mac models. There is also a possibility that the iPad Pro (2021) could support 5G connectivity.
Mockups of the new iPad Pro (2021) show very little difference compared to the previous model. The same thing seems to be the case for the iPad mini (2021) which will be the sixth generation model. A new Apple Pencil could also be introduced on Tuesday with a revised glossy appearance, enhanced battery life, and a color sensor that would allow the Pencil to use colors it picks up from the real world.
We should also see Apple finally unveil its AirTags tracking system during the "Spring loaded" event. The event starts April 20th at 10am PDT / 1pm EDT / 6pm BST. You can view it live by going to the Apple Channel on YouTube. If you head over there now, you can set a reminder to alert you when the event is about to start on Tuesday.
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