It looks like evidence is piling up for a March release of the iPad 3, which, according to Bloomberg, will sport an enhanced display, faster processor and support for LTE. Apple’s manufacturing partners in Asia may have already started ramping up production for the iPad 3 this month, and will reportedly reach full volumes by February.

Competition is growing as the iPad 2 nears its one year release anniversary, particularly because of Amazon’s Kindle Fire, which sold over 4m units last month. The iPad is now the company’s #2 source of revenue, and sales have been feverishly high since its release.

More from Bloomberg:

The Cupertino, California-based company has been working on making the iPad compatible with a wireless standard called long- term evolution, or LTE, said one of the people. Carriers such as Verizon Wireless and ATT Inc. are rolling out LTE networks to give users faster access to data.

If the iPad 3 does get LTE compatibility, the iPhone is sure to get it next, as the iPad received the A5 chip before the iPhone did last year. As for the specifics of the anticipated device, we reported in November that Apple’s next-gen iPad may use a new backlight design for an HD resolution screen. We also stated that Apple had already finalized its iPad 3 supplier list back in August, and as far back as July, Apple was reportedly testing HD displays from Samsung and LG.

With a heavy flow of rumors and an undeniable impact on Apple’s bottom line, the impending launch is sure to be a major one. Much of the pressure is now on new CEO Tim Cook, who has only recently taken the lead since Steve Job’s untimely death this past October. For now, Apple’s future looks to be a very bright one, and the iPad 3 is likely be a major hit — even if it was going to be an incremental update.