Xiaomi has had a great year, both in its home market and in India, where the vendor debuted earlier this year. According to Strategy Analytics, Xiaomi's strong showing in these markets has resulted in the vendor claiming third spot in the global smartphone manufacturers list, up from number five from just a few months ago.

Xiaomi's claim to fame is the Mi 3, which saw unprecedented demand in India thanks to its aggressive pricing combined with stellar hardware. Sold in the country for what amounted to $220, the Mi 3 offered a 5-inch full-HD screen, 2.3 GHz Snapdragon 800 CPU, 2 GB RAM, 16 GB internal memory,13 MP camera and a 3,050 mAh battery. The successor to the Mi 3, the metal-clad Mi 4, is scheduled to make its debut in India later this year.

In the third quarter of 2014, Xiaomi shipped 18 million handsets, compared to 5.2 million a year ago. The increase in sales numbers means that Xiaomi now has a 5.2 percent market share, up from 2.1 percent in Q3 2013. Samsung leads the way with 79.2 million shipments and a 24.7 percent market share, which when juxtaposed against the vendor's Q3 2013 numbers of 88.4 million shipments and 35 percent market share highlight the declining demand for the South Korean manufacturer.

Apple came in at second place with 9.3 million shipments, accounting for 12 percent of the global market share, which is a decline from the 13.4 percent boasted by the vendor in Q3 2013. LG, thanks to its record quarter, was able to snag fourth place with 16.8 million sales.

Other notes from Strategy Analytics' survey indicates that overall shipments have increased from 252.9 million units in Q3 2013 to 320.4 million in Q3 2014, a growth of 27 percent. The report posits that strong demand in emerging markets like Asia and Africa offset the decline of sales in North America and Europe.

What do you guys think of Xiaomi's growth?

Source: Strategy Analytics