Huawei Technologies Ltd. aims to be the world's biggest player in the smartphone market within 5 years. At a recent technology conference, the Chinese tech company declared its goal of achieving over 25% of market share in the smartphone industry. The Shenzhen-based company has recently seen rapid growth as a handset maker; prior to the last few years, Huawei has been one of the world's largest telecom networking gear suppliers, dealing with routers, modems, and the like.

These aspirations for market dominance are coinciding with slowdowns from Samsung (KRX: 005930) and Apple (AAPL  ), the two leaders in the global smartphone market. This has given Huawei a chance to narrow the gap, increasing its smartphone sales volume by 59% from last year, compared to marginal changes in Samsung's sales and a 14% decrease in Apple's. As of today, Huawei's market share is at 8.3%, behind Apple's 15% and Samsung's 23%, leaving the Chinese company two spots removed from its 5-year goal.

Richard Yu, the company's head, has attributed Huawei's recent growth to its focus on the high-end, premium tier. Said Yu, "If you want to be the leading vendor, you have to lead in the high-end." In addition, Huawei has seen great success with its rapid growth in the Chinese and European markets.

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Huawei's biggest challenges, however, lie in effectively penetrating the U.S. market, where they have had minimal presence. Early attempts by the company to introduce its networking gear there were rejected, culminating in the United States essentially banning Huawei products over fear of security threats and spying concerns. However, relations have improved, and Huawei's recent success with the Google (GOOG  ) Nexus line (Nexus 6P) should provide a boost for the company stepping back into the US to do business. In addition, the unveiling of its new flagship phone, the Android-based P9, offers Huawei a chance to reestablish itself as a legitimate premium smartphone maker to American customers. This is a major point of emphasis for the company, and as it stands, Huawei is in negotiations to sell its smartphones through U.S. carriers. Since American customers typically get their phones through their carriers, such a move would give Huawei a huge leg up in achieving its vision.

Keep an eye out for this smartphone maker with its sights set high. We'll see how their next moves and products establish themselves as worthy of the number one spot in the global market.