Cupertino-based prolific hardware and software giants Apple will unveil the successors to the existing iPhone 7 and 7 Plus this year with the rumored launch of iPhone 8 reportedly carrying an Apple A11 chip onboard, that's already in development as per numerous sources on the internet. The Fortune 500 firm is also celebrating their tenth year anniversary of selling their ever popular iPhones which paved way for actual smartphones to the markets.

Reports from the PhoneArena indicate TSMC, the chip manufacturer of Apple chips has already begun with the production of Apple A11 processors that will make its way to the upcoming iPhones and iPads from Apple. It's understood that the new processing chip from TSMC is based on a 10 nm manufacturing process that's also being followed by the latest Snapdragon 835 processor from Qualcomm.

Earlier leaks had hinted that the Apple A11 decimates any other existing processor in the market, in the benchmarks department, although no one has backed the claim. The new chip has seen a significant performance boost by up to 20 percent while consuming 40 percent of lesser power compared to the existing processors that's implemented in Apple devices.

TSMC plans to manufacture 100 million units of the Apple A11 chip likely indicating that Apple already foresees an increase in demand for the new smartphones, higher than the previous years since the new phone will be totally revamped in its design. Meanwhile, MacRumors points out that the new chip will help power the 'OLED' display on the iPhone 8 that has been leaked to the internet.

TSMC is the sole supplier of Apple A11 chips which the report suggests a downgraded variant of the same processor might also be implemented on the upcoming iPhone 7S and 7S Plus variants lined up for launch alongside the iPhone 8 smartphone itself. Popular KGI analyst Ming-Chi Kuo has openly suggested that Apple will indeed face severe component shortages for the new iPhone due to ever increasing demands.