Xiaomi emerges third largest smartphone vendor globally

Despite facing criticism over its security practices, Xiaomi has taken the smartphone world by storm. The Chinese company now counts as the third largest smartphone vendor, just behind Samsung and Apple, according to a report by market research firm IDC.

The company made it to the Top 5 list for the first time, thanks to its China focus as also on markets in the region which resulted in triple-digit year-over-year growth.

Xiaomi, which has been the top seller in China recently entered India, where it sells phones exclusively through Flipkart.

"Key to its success was the launch of its Mi4 smartphone in August, which was positioned as a high-end alternative to the status quo. What remains to be seen is how quickly the company can move beyond its home territories to drive volumes higher," IDC added.

Samsung continued to be the clear leader in the worldwide smartphone market, though, it was the only company among the top five to see its shipment volume decline year over year. Apple meanwhile, unveiled its much anticipated iPhone 6 and iPhone 6 Plus, and in the process posted its largest third-quarter volume ever.

The research firm said, smartphone shipments during the third quarter of 2014 came in at 327.6 million units, resulting in 25.2 per cent growth as against the 261.7 million units shipped in 3Q13 and 8.7 per cent sequential growth above the 301.3 million units shipped in 2Q14.

According to the report, worldwide smartphone shipments had increased by 25.2 per cent in the third quarter.

The Worldwide Quarterly Mobile Phone Tracker recorded that global smartphone shipments reached a total of 327.6 million during 3Q14, from 261.7 million in 3Q13, which was the  second consecutive quarter that shipments had reached above 300 million units. Smartphone shipments during 2Q14, stood at 301.3 million units.

Meanwhile, according to the report, Lenovo and LG were tied in fourth place, with each vendor pushing unit volumes out to emerging and developed markets.

According to Ryan Reith, program director of IDC's Worldwide Quarterly Mobile Phone Tracker despite rumours of a slowing market, smartphone shipments continued to see record-setting volumes.

He added the point had been finally reached where developed markets were experiencing single-digit growth, while emerging markets were still growing at over 30 per cent collectively.