Xiaomi ranked world No. 3

Xiaomi Inc has become the world's third-largest smartphone vendor and taken the lead in China since entering the market only three years ago, research firms said yesterday.

Xiaomi won over consumers by offering them inexpensive models but with high-end features and selling them online. Globally, Xiaomi had a market share of 6 percent in the third quarter, just behind Samsung Electronics and Apple Inc. Samsung dominated with 25 percent, but down from 35 percent a year earlier while Apple fell slightly to 12 percent, according to Strategy Analytics, a US-based research firm.

"Xiaomi was the star performer," Strategy Analytics' Executive Director Neil Mawston said in a statement.

Other research firms including IDC and IHS iSuppli also put Xiaomi as the No. 3 player in the global smartphone market, ahead of domestic rivals Lenovo and Huawei.

Beijing-based Xiaomi expects to sell 60 million smartphones with revenue of 70-80 billion yuan (US$11-13 billion) this year after selling 26.1 million units in the first six months.