It appears the market for people who want to upgrade their devices could be over 300 million and hence Apple investors are excited by the prospect of a “supercycle’ in its next fiscal year, driven by the next generation of iPhones.

There will be an install base of more than 300 million iPhones this fall that are more than two years old, said former Apple analyst turned venture capitalist Gene Munster in a note released Monday.

After being released in 2015, the iPhone 6s will turn two in September this year. And so people on the 6s or below may be looking to upgrade to new models and this is denoted by this more than 300 million figure of people who want to upgrade their devices cited by Munster.

For the fiscal year beginning October 2017, the “strong base of potential customers” is fueling investor expectations of unit sales of new iPhones between 235 million and 245 million for the fiscal year, said Munster, who now works at Loup Ventures.

In the next fiscal year, unit sales of 241 million iPhones is being expected by analysts surveyed by Factset.

With one being an anniversary edition model which is expected to be packed with top features, Apple is expected to unveil three new iPhones later this year.

Other forecasts seem to chime with Munster’s estimates about the older iPhone install base.

The install base of iPhones is 715 million, BMO Capital Markets analyst Tim Long said in a recent note. The total is predicted to be around 807 million as that number will grow 13 percent by the end of the year, Long predicts. A third of iPhone owners will be on models that are more than two years old this year, which is roughly 266 million, the analyst said.

Soft iPhone growth over the next couple of quarters leading up to the release of new phones is expected to be witnessed for now, according to investors. Up from 51.2 million last year, 52 million iPhone units is expected to have been sold in Apple’s first fiscal quarter, according to analysts surveyed by Factset.

Buying intent for smartphones over the next 90 days fell to an all-time low of 8.3 percent, UBS said citing a March survey by 451 Research of 4,075 North American consumers. However, investors should not be worried tut the investment bank said.

“Our view is that these trends are primarily product cycle-related. The finding that iPhone buying intent is down at the same time overall buying intent is weak likely means that a large proportion of non-purchasers were iPhone owners. These users have not yet decided to switch brands,” UBS said in a note released Monday.

(Adapted from CNBC)