Apple Inc. (NASDAQ: AAPL) shares are up 56% so far in 2020 on high hopes that the company’s first 5G iPhone will trigger a large-scale upgrade cycle among existing iPhone users. A new BankMyCell survey of 2,470 iPhone users suggests roughly half of America iPhone users plan on upgrading their phones in 2020.The Numbers: BankMyCell found that 38% of iPhone users are waiting for the iPhone 12 to upgrade their current device. Apple typically unveils its new iPhone models in September and then releases them roughly a week later. However, the iPhone 12 will reportedly not be unveiled until October, according to Bloomberg.In addition to the 38% of US iPhone users planning to upgrade to the iPhone 12, another 12% of users are planning to upgrade to an older model iPhone in 2020.Globally, 35% of iPhone users plan to upgrade to the iPhone 12 and another 20% plan to upgrade to an older model. Roughly 39% of worldwide iPhone users said they are keeping their current phones through the end of the year, while another 6% said they are planning to upgrade to a non-Apple device this year.When asked about the impact of the COVID-19 outbreak, 43% of iPhone users say the crisis and economic downturn have impacted their decision to upgrade in 2020.Benzinga’s Take: It’s probably unlikely that half of all global iPhone users end up upgrading their devices this year. But with more nearly a billion global active iPhones, a larger-than-average upgrade cycle for Apple could have a huge impact on the company’s earnings and revenue in coming quarters.Related Links:’Nothing Short Of Stupid,’ Hedge Fund Manager Says Of Post-Split Gains In Apple And Tesla Apple Wins The Race To Trillion Market CapSee more from Benzinga * Tesla Short Sellers Add To .1B In September Profits * ‘Caution But Not Bearishness’: Analysts Respond To Tech Stock Plunge * 2 Problems Tesla Creates For The S&P 500(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.