According to market research firm IDC, the Apple Watch remained as the market leader in the fledgling smartwatch industry for the second quarter.

Apple's wearable device had a 47 percent market share in the past quarter, which is significantly down from the 72 percent share it held in the second quarter of last year but still big enough to remain the market leader, as closest rivals Samsung and Lenovo only held a 16 percent and 9 percent share, respectively.

Apple will be looking to maintain its status as the market leader of the smartwatch industry with the second iteration of the Apple Watch. The latest report regarding the Apple Watch 2 is that the wearable device will have a thinner display, which would free up space for Apple to work with the smartwatch's internals.

A report by DigiTimes on TPK Holdings, a Taiwanese touch panel manufacturer, revealed that the company suffered a loss of NT$2.50 billion dollars, which is equivalent to about $78.3 million dollars, for the second quarter. The huge loss was said to be because of decreasing touch panel orders by Apple for its iPhones, along with the company's decision to change the touch panel technology in the Apple Watch from G/G to OGS.

G/G stands for glass-on-glass, while OGS stands for one glass solution. As can be inferred from the names of the technologies, a glass-on-glass display requires two glass layers to make up the OLED touchscreen of the Apple Watch, while a one glass solution only requires one glass layer for a thinner display.

With the elimination of one of the glass layers, Apple could free up some space within the Apple Watch 2, assuming that the next version of the wearable device maintains the thickness of the first version. The removal of one of the glass layers would also reduce the weight of the smartwatch.

What could Apple do with the extra internal space? The Apple Watch 2 could feature a bigger battery to allow the device to last longer in everyday functions, or it could also fit in another component such as an LTE or GPS antenna.

A report released in February coincides with this development, with analyst Gene Munster claiming that the Apple Watch 2 will feature the same design as the original Apple Watch but with upgraded components.

The Apple Watch 2, if that would be its name, is expected to be announced in the fall season, likely alongside the upcoming iPhone 7.

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