Apple will launch its highly-anticipated smartwatches this fall with multiple screen sizes and designs, according to a report by the Wall Street Journal, citing a person "familiar with the matter."

Apple expects to ship approximately 50 million units of the iWatch within the first year of the product's release.

The estimate, which was revealed by Reuters last week, is subject to change before the company releases its wearable devices this fall however.

Taiwan-based Quanta will start production of Apple's first smartwatches this July. Devices will be ready in time for an October launch.

The device will come with a rectangular display that will measure approximately 2.5-inches diagonally. It will protrude a little from the band, creating an arched shape, and feature a touch interface with wireless charging capabilities, according to Reuters.

LG Displays is expected to be the exclusive supplier of the screen for the iWatch, at least during its initial production run.

The device will contain a sensor that monitors a user's pulse as well, which is expected to be supplied by Singapore-based imaging and sensor maker Heptagon.

Heptagon is on the supplier list for that feature, according to Reuters.

Apple's smartwatch is being designed to compete with companies like Samsung, Sony Corp, Motorola and LG Electronics, who also offer smartwatches.

Though the devices haven't caught on yet, the market is growing fast, according to data firm IDC. The firm estimates that worldwide shipments of wearable devices, like smartwatches, will triple this year, compared to 2013.

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