Chinese smartphone maker Xiaomi has emerged as the world's third-largest smartphone maker just four years after it was established, acording to data released by IHS iSuppli. The research firm said that Xiaomi sold 19 million smartphones in the third quarter of this year.

Huawei, which ranked third last year, fell behind Xiaomi in the third quarter by selling 16.8 million smartphones. China's Lenovo, which acquired Motorola, and LG, which is rapidly regaining its former sales volume, are both vying for the No. 3 spot but fell short of Xiaomi.

According to market researcher Strategy Analytics, 14.6 million out of the 15.1 million smartphones Xiaomi sold in the second quarter were in China.

More recently, Xiaomi expanded markets to Singapore, Hong Kong and India.

However, more Chinese newcomers are coming up from behind. Meizu, which only started making smartphones in 2008, is following Xiaomi's footsteps by developing its own software programs just like Xiaomi. OnePlus, which was established last year, drew media attention by releasing a cheap but high-spec smartphone that costs only around $285.