LG Electronics Inc. (KRX:066570) (OTCMKTS:LGEAF) fans who are patiently awaiting the next great smartphone will enjoy the recent teaser video of the device. The smartwatch will feature an elegant round screen and a 1.5 inch backlit LCD touchscreen. This watch will also come with useful essentials like a compass and pedometer. The home screen will feature that looks just like a typical watch.

LG G Watch

LG G Watch get new upgrade

The G Watch brings the best of both worlds in one watch. This watch has that classic watch design with a home screen that looks exactly like the traditional watch interface, but it has “smart” features you won’t find on a typical watch. It appears LG is taking cues from Motorola’s Moto 360 smartphone which also features a circular and a backlit LCD touchscreen. This device is expected to be unveiled at a tech event in Chicago next month.

The original G Watch was initially launched earlier this summer, so it is quite surprising the company is doing a refresh so soon. The smartwatch market is a relatively interesting market to watch. Many tech companies are jumping on the smartwatch bandwagon even though the watch has yet to catch on as a must-have tech gadget. The premise of the smartwatch is a device that works with smartphones, making it easier for people to use smart technology in new ways.

Potential competition from rivals

Next month, Apple is expected to debut the iPhone 6 and possibly the iWatch. There is much speculation Apple Inc. (NASDAQ:AAPL) will revolutionize the smartwatch industry, and given the fact the company introduced health/fitness related features for iOS only adds fuel to the rumor.

LG’s new smartwatch may be the ideal gadget for someone who wants to test out the high-tech watch waters while maintainng a sense of simplicity. LG has yet to comment on the teaser video or report.