Apple Inc vs. Nokia Oct. 22 Media Event: Who Will Be a Hit or a Miss? Apple Investors Banking on iPad 5

With the reported decline in production of Apple's cheaper iPhone, the iPhone 5C, Apple Inc is currently facing the same challenge it faced with the iPhone. Apple's iPad sales are threatened by cheaper tablets. The company continues to stand by its belief that incremental changes to its existing product line-up will still bring new customers.

Next to the iPhone, the iPad is the second best-selling Apple product. The launch of newer models will be critical to the company's growth and direction.

Forrester Research analyst Sarah Rotman Epps said the market for tablets is maturing and it will be difficult for the company to push for more new tablet sales. Current tablet trends reveal that the strongest growth in tablet sales comes from emerging markets in developing nations. Customers are more price sensitive and foregoing Apple Inc's iPad for cheaper tablets.

In 2012, Apple's market share for tablets was 60 per cent. It has declined in the second quarter of 2013 at 32 per cent, according to data gathered by IDC. While the iPad's sales had doubled since it was first launched in 2010, it has never gone beyond 66 per cent after the middle of 2012.

The tablet challengers

Samsung, Asus, Lenovo and Acer among others present a challenge to Apple Inc with tablets at price points at least less than half of the iPad mini's price of $329.

Apple is expected to release new Mac software, Macbook Pro and a rumoured Apple TV on Oct. 22.

Nokia smart phone launch

Aside from Apple Inc's media event on Oct. 22, Nokia will also host an event in Abu Dhabi where the company is expected to release its latest line-up of smart phones. It comes after Microsoft announced its new line of Surface tablets in Sept. 2013.

Microsoft had purchased Nokia's devices and services division. The company plans to push the growth of Nokia Lumia's market share and profits with unified marketing and branding.

Will Apple Inc continue to attract new buyers with a refresh of the best-selling iPad? Investors would like to think so. If Apple investors will be impressed with the newest version of the iPad, the market might see a stock surge of Apple shares.