Xiaomi plots move to overtake Samsung and Apple

Xiaomi believe they can become the world's largest smartphone maker.

Chinese mobile phone maker Xiaomi claim that in the next 5-10 years they can take over Samsung and Apple as the world's leading smartphone manufacturer.

You may not have heard of them before but Xiaomi have certainly put their stamp on the smartphone industry since their founding in 2010.

Currently they are the world's third largest smartphone manufacturer according to the International Data Corporation (IDC).

Xiaomi smartphones are huge in India and China, two countries with enormous populations; Samsung have even admitted that due to the low price of Xiaomi phones their sales in Asia have struggled substantially.

Xiaomi chief executive and founder Lei Jun is quoted by The Guardian as saying: "I believe that no one thought that the Xiaomi from three years ago, which had just made its first phone, would later rank as the third largest player.

"India is becoming our largest overseas market. Within five or 10 years, we have the opportunity to become the number one smartphone company in the world.

"In this magic land, we produced not only a company like Alibaba, but a small miracle like Xiaomi."

While being ambitious, Xiaomi still have some way to go to get near Apple and Samsung.

To put it into context, Xiaomi currently hold 5.3% of the global smartphone market, whereas Apple and Samsung hold 12% and 25% respectively.