Apple Inc. (NASDAQ:AAPL) has reportedly been gearing up to launch its new iPad Pro and iPad Air models.

What Happened: The new iPad Pro and iPad Air models are expected to be released in early May, according to sources familiar with the matter, reported Bloomberg columnist Mark Gurman on Thursday. The new Pro model is rumored to feature OLED displays and a 12.9-inch screen for the iPad Air for the first time.

This release will mark the end of the longest period without new iPad models since Apple co-founder Steve Jobs launched the product in 2010. The last update was about 18 months ago, contributing to a decline in tablet demand.

The Cupertino, California-based tech giant is hoping that the new models, equipped with faster chips and updated accessories, will reinvigorate the category, Gurman noted.

Why It Matters: Despite a surge in iPad sales during the pandemic, the numbers have dropped in the last two fiscal years. During the recent holiday season, sales saw a further 25% year-over-year decline, a period when the devices are typically popular as gifts.

The new iPad Pro models codenamed J717, J718, J720, and J721, will be powered by the new M3 chip and will be compatible with redesigned versions of the Magic Keyboard and Apple Pencil. This marks the first major update to the lineup since 2018.

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The iPad Air, last updated in 2022 with the M1 chip, will receive a new processor. The 12.9-inch screen option will allow consumers to purchase a larger iPad at a lower price than the more upscale Pro. The current iPad Air costs $599, while the Pro line costs $200 more.

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