The four year old company has managed to ship an estimated 18 million smartphones in Q3 of 2014, a three-fold jump in the past one year. The company's share of the global smartphone market jumped from 2.1 percent during the same quarter last year, to 5.6 percent.
According to the report, Samsung continues to lead the market with a 25 percent share, however its a massive fall from the 35 percent share the company controlled in Q3 last year. Apple too suffered a minor fall in market share, which stood at 12.3 percent for the quarter that ended September 30, 2014.
Xiaomi's growth was fueled by its growing success in the Chinese market, where it's not only dominating the low end smartphone market, but also eating into Apple's and Samsung's premium device sales. India has been another market where Xiaomi has enjoyed success, but the company hasn't been able to fully tap the market due to limited stocks.
Enjoying a successful quarter, Korean manufacturer LG took fourth place in the global smartphone race, with sales of smartphones clocking in at 16.8 million units. Other Chinese manufacturers like Lenovo, Huawei, Oppo and OnePlus are also making big strides in the market, and are actively eating into sales of giants Apple and Samsung.