Apple Inc. (NASDAQ:AAPL) is expected to introduce its next generation iPhone (iPhone 6 or iPhone 5G) in a special event scheduled for September 10, according to Ina Fried of AllThingsD.

iPhone 6 5C apple Inc. (AAPL)

Apple will be launching its new iPhone 6 or iPhone 5G two days earlier

The tech giant Apple Inc. (NASDAQ:AAPL) will be launching its new iPhone two days earlier than Apple Inc. (NASDAQ:AAPL) unveiled the iPhone 5 in September 12, last year.  Many of the company’s fans are excited to find out about the latest features the device has to offer. Technology bloggers and members of the media covering the industry are wondering if the new iPhone 6 or iPhone 5G will be competitive enough to thwart the declining share of the device in the smartphone market.

During the second quarter, the global market share of the iPhone declined to 13.1% in the second quarter based on a study conducted by the International Data Corporation (IDC). The research firm said the Apple Inc. (NASDAQ:AAPL) recorded its second lowest year-over-year growth rate over the past four years. In the first quarter of the year, data from Gartner showed that iPhone’s market share was 18.2 %.

Apple Inc. (NASDAQ:AAPL) is facing strong competition in the smartphone market globally particularly from rival Samsung Electronics Co., Ltd. (LON:BC94) (KRX:005930). Another factor affecting the iPhone growth is a slowdown of the smartphone market. Analysts at Barclays Equity Research believe that the tech giant will be able to regain its share with the launching of its new product. On the other hand, analysts at IDC believe that growth in the smartphone market will accelerate if the company introduces a lower cost iPhone to penetrate emerging or prepaid markets over the next quarters.

Next generation iPhone 6 will be called iPhone 5G

Over the past few months, it has been rumored that Apple Inc. (NASDAQ:AAPL) will sell low-cost iPhone, which features an A5 processor, 3.5 inch Retina screen, and a 5 megapixel camera. According to reports, Apple is speeding up production for the less expensive iPhone and market experts projected the device would cost $399 minus the service contract.

Meanwhile, speculators believe that next generation iPhone will be called iPhone 5G (some have speculated that it will be called iPhone 6). It will have the same specifications of the iPhone 5 powered by the iOS 7 upgrade, and integrated with a finger print scanner. If the rumors are true that the name of the new device would be iPhone 5G, it is an indication that it supports 4G LTE technology.