The price of the upcoming Apple Watch will be double the amount of the average smartphone, the International Business Times reports, citing a report published by independent research firm Smartwatch Group. 

According to the research company, about 6.8 million smartwatches were sold in 2014 at an average price of $189. This means that the Sport version of the Apple Watch is twice as expensive as the average smartphone. 

Apple is expected to produce approximately five to six million units of its three Apple Watch models, the Wall Street Journal reports, mentioning that half of the first-quarter production orders are slated for the entry-level Sport model. 

Meanwhile the mid-level stainless steel version is expected to account for one-third of this production with the rest of the units being the high-level Edition model made of gold. 

Respectively, all three of these models could have prices as high as $400, $650 and $4,200, according to BGR, which accounts for extra bands and unexpected expenses. However, Apple officials have mentioned that the Sport version begins at $349. 

"The Apple Watch will be instrumental in taking the wearables market to the next level of growth," CCS Insight research official Ben Wood said in a statement Tuesday, according to CNET. 

"If successful, it'll create a rising tide that will lift the whole market."

Apple is said to have dropped several health-related features from its Apple Watch development due to sensor issues involving inconsistency and inaccuracy.