In recent years new iPhone models got bigger, with the iPhone 8 being the only new iPhone available today with a 4.7-inch display. However, we're apparently getting a brand new, small iPhone in March.

As Bloomberg reports, Apple's suppliers are gearing up to begin mass production of a new 4.7-inch iPhone, with the work split between Hon Hai Precision Industry, Pegatron Corp., and Wistron Corp. It's likely the screen will be supplied by Japan Display Inc. Anyone who's a fan of the iPhone 8 will be pleased to hear Apple is expected to use a very similar design for this pocket-friendly smartphone.

As well as using a 4.7-inch touchscreen, the new iPhone will employ Touch ID built into the Home button for secure acces as an alternative to Apple's preferred new method of facial recognition using Face ID. That's surely been done in an attempt to keep costs down, even though Apple would have the option of embedding the sensors without impeding the screen.

The iPhone 8 currently sells for $449 off contract. Apple may choose to match the pricing of the iPhone 8, or potentially increase it slightly to $479. The iPhone XR costs $599 and Apple will surely be keen to keep a decent pricing gap to that model while at the same time seeing an opportunity to discontinue the iPhone 8.

Offering a new, cheaper handset should allow Apple to better compete at the low end of the smartphone market where there's so much choice for budget Android phones. If Apple decides to match the pricing of the old iPhone SE at $399, it could see a slew of new customers who would otherwise opt for a Pixel 3a .