On September 22, local time, U.S. chip designer Qualcomm said that its automotive business “pipeline” increased to $30 billion, an increase of more than $10 billion since it announced third-quarter results at the end of July.

Qualcomm said at its automotive investor day that future business growth will benefit from Snapdragon digital chassis products used by automakers and their suppliers. The Snapdragon digital chassis can provide assisted and autonomous driving technologies, as well as in-vehicle infotainment and cloud connectivity.

The automotive market has been a key growth area for chipmakers as the number of chips used by automakers surges as electric vehicles and autonomous vehicles increase.

"When you consider a lower-tier car on a per-vehicle basis, we have an opportunity to stretch from about $200 all the way up to $3,000 for a premium car," said Qualcomm CFO Akash Palkhiwala.

"Going forward, the mix will continue to move up-end, so opportunities will continue to expand."

Qualcomm said its target automotive market could grow to $100 billion by 2030.

In fiscal 2022, it estimates that its automotive business revenue will increase to about $1.3 billion from $975 million the previous year. It is estimated that the figure will exceed $4 billion by fiscal 2026 and more than $9 billion by fiscal 2031.

Qualcomm also announced an expanded partnership with Mercedes-Benz Group, which will use the Snapdragon Cockpit for its in-vehicle infotainment systems from 2023.

Qualcomm also has many automotive customers in China. When asked about the impact of broader U.S. export regulations, CEO Cristiano Amon said "a strong win-win partnership between U.S. businesses and Chinese businesses will always be a stabilizing force".

"But we'll see what the future holds," he added.

Earlier this week, chipmaker Nvidia Corp unveiled a new vehicle central computer called drive thor, which will provide autonomous and assisted driving as well as in-car digital entertainment and services.