Chinese smartphone maker Xiaomi has overtaken Lenovo and LG Electronics to become the third largest smartphone vendor in the world, after Samsung and Apple.
Despite only releasing its first smartphone in August 2011, Xiaomi has leapfrogged more established electronics manufacturers and captured a record 6 per cent marketshare during the last quarter, according to Strategy Analytics.
The findings were corroborated by the International Data Corporation (IDC), which revealed in its latest Worldwide Quarterly Mobile Phone Tracker that Xiaomi has experienced triple-digit year-over-year growth in the last quarter.
Key to its success was the launch of its Mi4 smartphone in August, according to IDC, which was positioned as a high-end alternative to the Apple iPhone 5s and Samsung Galaxy S5.
However, both analyst firms pointed out that the company's biggest challenge will be moving beyond its home territories to drive volumes higher.
"Xiaomi's next step is to target the international market in Asia and Europe, where it may face stronger headwinds of low brand awareness and technology-patent challenges next year."
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