Xiaomi has surpassed LG to become the third-largest smartphone maker in the world, according to market research firm IDC. This is the first time the Chinese smartphone manufacturer has cracked into the research firm's top 5 list, thanks to its focus on China and adjacent markets, which resulted in triple-digit year-over-year growth.
Xiaomi shipped 17.3 million smartphones in the third quarter, up from 5.6 million it shipped in the year-ago quarter, claiming a 5.3 percent market share.
Top five smartphone vendors, market share and Y-o-Y growth, Q3 2014 (preliminary data, units in millions). Source: IDC.
|Vendor||2014 Q3 shipment volumes||2014 Q3 market share||2013 Q3 shipment volumes||2013 Q3 market share||3Q14 / 3Q13 Change|
Meanwhile, Samsung and Apple retained the first two spots with 23.8 and 12 percent market share, respectively, while LG and Lenovo finished in a virtual tie for fourth place with approximately 5 percent market share each.
Overall, the report says, a total of 327.6 million smartphone units were shipped during the quarter, resulting in 25.2 percent growth when compared to the 261.7 million units shipped in the same quarter last year and 8.7 percent sequential growth above the 301.3 million units shipped in the previous quarter.
"Despite rumors of a slowing market, smartphone shipments continue to see record-setting volumes," said Ryan Reith, Program Director with IDC's Worldwide Quarterly Mobile Phone Tracker, adding that while most developed markets are experiencing single-digit growth, emerging markets are still growing at more than 30 percent collectively.
The report also noted that while Samsung remained the top smartphone vendor, it was the only company among the top five to see its shipment volume decline year over year, thanks to continued competitive pressure and a drop in demand for its high-end devices.
Xiaomi surpassed Samsung to become China's top smartphone vendor in the second quarter.