iPad Mini could be an epic failure for Apple. But wait...we do not think like that anymore. Not now when the craze for the tablet is growing stronger day by day. More than 50% of U.S. consumers are reportedly demanding for a cheaper version iPad that could be priced between $250-$300.

In a survey conducted by PriceGrabber, 52% of U.S. consumers are ready to buy iPad Mini, while 48 percent of people are not interested in the product. 2,603 U.S. online consumers participated in the "iPad Mini: Hit or Fail" survey conducted in late April.

PriceGrabber asked a simple question - whether you will consider buying a 7-inch iPad that is priced at $249 to $300 - and more than half of respondents said they are ready to buy it. Twenty-two percent of the participants already own a tablet, out of which 68 percent have iPad while only 10 percent have Amazon's Kindle Fire.

Subsequently, the Internet searches for keyword "iPad Mini" are also going high. Craze for iPad Mini is all-time high. Why?

Apple iPad is considered the best tablet. Even business users are fond of Apple iPad. Apple iPad is the tablet market dominator, but due to a hefty price tag, it is out-of-reach of most of Apple fanboys. Priced at $250 to $300, iPad Mini will be able to reach every hand that dreams of owning an Apple tablet.

After U.S., the second biggest Apple market is China. Chinese people are crazy for Apple products that they even do not mind selling body organs to get money to afford an iPhone or iPad. We are sure that if the survey would have been conducted by a Chinese Web site, then it would have definitely received over 70 percent positive response rate.

Another reason iPad Mini could do well is because it will be ultra-portable due to its smaller screen. Lugging a 9.7-inch iPad becomes tedious sometimes.

Meanwhile rumor mill of iPad Mini is also churning at a great speed. Reportedly, Apple has developed a 7.85-inch prototype of iPad Mini, but it will be a miracle if Apple releases a 7-inch tablet in the market as Steve Jobs clearly said that 10-inch is the minimum tablet size for proper user experience.

(reported by Johnny Wills, edited by Surojit Chatterjee)