Rumors say the Apple iWatch release date is due in the year's third quarter, when the new smartwatch is expected to enter the wearables market.

Apple is said to be hiring about 100 people, including designers, engineers, health and fashion experts, to work on its upcoming products associated with the Apple iWatch.

The rumors are backed up with the statement of Apple CEO Tim Cook, who said the Cupertino-based company will enter into new categories this year, something that excites the rumors universe expecting an Apple-branded wearable.

Apple's smartwatch may come with several sensors, according to the Wall Street Journal. The wearable's display will be a sapphire-covered AMOLED, which will make it a good fit to the wrist.

The iWatch may come in different sizes, perhaps to suit customer tastes. Analyst Ming-Chi Kuo said the Apple iWatch may come in two sizes – 1.3 and 1.5 inch displays, while South Korean Chosun Ilbo reported three sizes – 1.3, 1.4 and 1.5 inches.

Sources from Reuters also said the Apple-branded smartwatch will sport a screen that will appear 2.5 inches when in diagonal position.

The wearable's battery is estimated to be between 200 to 250mAh cell, and the New York Times believes the device will have some methods to expand battery life, like kinetic energy and solar power. It might also support wireless charging.

Apple iWatch features may include an in-house sweat analysis sensor that will work with the health application in iOS 8.

Apple also filed a weightlifting sensor patent. Job postings indicate the company hired specialists for energy expenditure and cardiovascular fitness.

Another hint comes from an investment note from Blayne Curtis, an analyst from Barclays which suggests a UV sensor may also be included.

There were rumors saying Apple had the iWatch in mind when designing iOS 8. The wearable is also said to have sensors for heart rate and burned calories. It can count steps and help check sleeping patterns.

Despite its popularity, Apple may undergo some stiff competition from the likes of Sony, Nike, Google and Samsung upon joining the wearables market.

While the road entering the wearables market may not be the smoothest, the Apple CEO reassured his audience saying they do not focus on being first, but being the best.