New research by International Data Corporation (IDC) shows that Xiaomi, a Chinese electronics company, is now the third largest smartphone maker in the world, behind Samsung and Apple, occupying first and second place respectively.

"Xiaomi jumped into the top 5 list for the first time at the number 3 position thanks to its focus on China and adjacent markets, which resulted in triple-digit year-over-year growth. Key to its success was the launch of its Mi4 smartphone in August, which was positioned as a high-end alternative to the status quo. What remains to be seen is how quickly the company can move beyond its home territories to drive volumes higher," according to IDC's official press release.

The company recorded a stellar 211.3% growth in the third quarter of 2014 (versus the same period last year).

Xiaomi's global market share expansion is being anchored by strong local support. According to a recent product sales analysis in China by the firm Canalys, the fast-rising smartphone maker has bested Samsung when it shipped 17 million handsets during the third quarter of this year. The South Korea tech giant delivered 2 million less than Xiaomi.

Wall Street Journal also reported that a confidential document revealed that the company's 2014 net profit has nearly doubled compared to 2013. Xiaomi has cemented its status as the leading business in the cheap handsets industry, a realm where a lot of players struggle.

Reuters also mentioned that Xiaomi is planning to spend $1 billion to expand its internet TV content.