Apple has officially announced an event for Sept. 15, when it is expected to launch the iPhone 12 with 5G, but it could announce a new Apple Watch and iPad lineup instead.

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The product launch is expected to kick off a big upgrade cycle for Apple, but Bloomberg reporter Mark Gurman said the Sept. 15 event may be reserved for iPads and an Apple Watch, with iPhones being announced in October. 

If the September event is all about the iPad and Apple Watch, then you can consider it a warm-up act for iPhone 12. While Android smartphones are increasingly 5G equipped -- led by Samsung devices -- iPhone users haven't had 5G yet.

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Wedbush analyst Daniel Ives said in a research note:

We are seeing Apple and its Asian suppliers anticipate stepped-up demand for the larger 6.7-inch model which is raising the overall iPhone 12 expectations heading into this "once in a decade" potential launch. We continue to believe the line in the sand a few months ago was between 65 million to 70 million 5G iPhone 12 units and now has moved into the 75 million+ range with 80 million a stretch goal. Importantly, with our estimation that 350 million of 950 million iPhones worldwide are currently in the window of an upgrade opportunity, we believe this will translate into an unprecedented upgrade cycle for (Tim) Cook & Co.

Ives is calling this upgrade cycle for the iPhone 12 a "supercycle." China is expected to account for roughly 20% of the iPhone upgrades over the next year.