On Monday, Nov. 5, Apple announced that the company sold three million iPads in just three days since the release of its new iPad mini and the fourth-generation iPad - iPad 4.

The iPad mini and fourth-generation iPad sales figures of three million is double when compared to the third-generation iPad sales, which had achieved a milestone of 1.5 million units in the first weekend. Apple is still to launch the Wi-Fi + Cellular versions of both iPad mini and thefourth-generation iPad in a few weeks in the U.S. and in other countries later this year.

"Customers around the world love the new iPad mini and fourth generation iPad," said Tim Cook, Apple's CEO. Cook further added "We set a new launch weekend record and practically sold out of iPad minis. We're working hard to build more quickly to meet the incredible demand."

The company did not detail the breakdown of the three million sales on how the sales were divided between its fourth-generation and the latest iPad mini. However, Apple noted that the demand for the iPad mini had "exceeded the initial supply" and customers may encounter delays to the orders until later this month.

Apple saw strong iPad sales in Q2 2012. However, rumors of the iPad mini's launch witnessed a decline in shipment of iPads.

"We believe a sizeable percentage of consumers interested in buying an Apple tablet sat out the third quarter in anticipation of an announcement about the new iPad mini. Now that the new mini, and a fourth-generation full-sized iPad, are both shipping we expect Apple to have a very good quarter. However, we believe the mini's relatively high $329 starting price leaves plenty of room for Android vendors to build upon the success they achieved in the third quarter," said Tom Mainelli, research director, Tablets at IDC.

Apple has been a key player in the 10-inch tablet market and now, with the release of the 7.9-inch iPad mini, Apple will try its best to capture a major chunk of the 7-inch tablet industry as well.

With competition increasing in the tablet market, time will tell if Apple continues to be the leading tablet manufacturer in the long run.