U.S. chip designer Qualcomm Inc on Thursday said its automotive business 'pipeline' increased to $30 billion, up more than $10 billion since its third quarter results were announced in late July.
People visit a Qualcomm booth at the Mobile World Congress in Shanghai, China February 23, 2021. REUTERS/Aly Songon Thursday said its automotive business "pipeline" increased to $30 billion, up more than $10 billion since its third quarter results were announced in late July.
With electric vehicles and increasing autonomous features in cars, the number of chips used by automakers is surging and the automotive market has been a key growth area for chipmakers."When you think about a per car basis, a lower tier car, we have an opportunity of approximately $200 stretching all the way to $3,000 at the high tier," said Akash Palkhiwala, Qualcomm's CFO.
Qualcomm said the automotive market size it is targeting could grow to as large as $100 billion by 2030.
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