Apple is gearing up for a product launch on 15 March, with speculation that its iPhone and iPad lines will both see updates.

While a number of potential products have been mooted, the most likely option seems to be a low-cost addition to the iPhone family, previously reported as the iPhone 5SE. This device will continue the smaller screen of the iPhone 5s (pictured), while adding support for new features such as Apple Pay.

This device also marks the first time Apple will introduce a device specifically aimed at the lower tier since the much maligned iPhone 5c. In the meantime, the company has shuffled older generations of flagship down to offer a cheaper entry level option.

Also potentially debuting would be the iPad Air 3, the first update to the main iPad since October 2014. Suggested updates include improved speakers and a new smart connector to support accessories such as those available on the iPad Pro, reports said.

There is also the possibility that the device will gain support for the stylus introduced with the large screen iPad.

And, one year on from the Apple Watch release, this device is likely to see some new cosmetic options, and possibly a software update. A fuller refresh is unlikely to take place until later in the year.