It has been over a year since Apple introduced the current-gen iPad mini with significant upgrades over previous models. The smaller iPad does not follow the annual upgrade cycle, which is why we did not get a new model this year. But as per Ming-Chi Kuo, a well-known market research analyst, we may see it as soon as next year.

Kuo has tweeted that the next-gen iPad mini has been under development for quite some time. This new model's key highlight will be the usage of a new processor. The currently available model comes with the A15 Bionic chipset which debuted with the iPhone 13 series. It is quite possible we may see the A17 Bionic chipset powering the next model.

The new iPad mini is tipped to undergo mass production by the end of 2023 or the first half of 2024. It means there is a possibility we may not see the new model next year as well. Kuo further adds it is unlikely that Apple will replace the iPad mini with a foldable iPad in 2025 as claimed by some of the rumors.

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Additionally, Apple is currently working on a new version of the iPad mini equipped with a new processor as the main selling point, and the mass shipment is expected to start by the end of 2023 or in 1H24.

— 郭明錤 (Ming-Chi Kuo) (@mingchikuo) December 27, 2022

This is because a foldable iPad will be a premium device and will have a high selling price. It would not make sense for Apple to remove an affordable model and replace it with a model that costs a lot. There have also been reports of a foldable iPhone but the underlying information keeps changing with time. We would suggest you take all these details with a pinch of salt for the time being.