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Here's why Apple needs a new Watch: Sales are plunging

If Apple fulfills expectations and debuts a new Apple Watch on Wednesday, it had better make a splash — because Apple is currently losing out to cheaper competition in the wearable market, according to new data.

Apple is expected to debut a upgraded Apple Watch at a highly-anticipated event on Wednesday. Though nothing's yet been confirmed by the company, the new Apple Watch could include a GPS chip, a faster processor, and battery life improvements, Bloomberg's Mark Gurman reports.

It isn't expected to decouple from the iPhone just yet, a feature that would deliver cloud-based services, like streaming music and messaging.

But GPS might not be enough as the Apple appears to lag its simpler rivals in the wearable market. Shipments Apple's wearables dropped nearly 57 percent in the second quarter, according to new estimates by International Data Corp (IDC).

While the addition of GPS is a critical upgrade for fitness-savvy consumers, Pacific Crest Securities analyst Andy Hargreaves said he expects Apple watch units to decline 5...