The iPhone, by Android standards, is severely underpowered in every way. However, it still works very well, and one of the reasons for that is its graphics chip. Now, the same company who makes its graphics chip is planning on making chips for low-budget Android phones.
Imagination Technologies is the company behind the chips and they plan on launching a new one called the PowerVR 8XE, which should offer better graphics capabilities for cheaper prices. It will do this by using Vulkan API, which allows for smoother gameplay with less slowdowns or lag. They plan on bringing these new chips to cheap phones as well as cheap set-top boxes and even automotive infotainment units.
They have also said that since the chip will be more efficient it will also be smaller meaning it will be cheaper to make and install. However, since they plan on using these chips for low-end devices, power concerns may be a problem. Imagination says they have thought about that too, and the new chip will barely use any extra power as it is designed to take only what it needs rather than suck down tons of juice.