In 2014 Huawei Technology Co Ltd’s smartphone sales rose by nearly a third to $11.8 billion, displaying the telecoms firm’s continued increase in popularity.

The Chinese telecommunications firm shipped around 75 million smartphones in 2014 according to head of Huawei’s consumer business, Richard Yu who sent out a year-end memo to employees with the details.

Even though those figures represent more than a 40 percent increase year-over-year, the numbers are still behind the smartphone sales target of 80 million units that the company previously stated it was going for.

Samsung Electronics Co which is among the top ranked smartphone companies is likely to see unchanged figures in its shipments this year, whereas Apple Inc could have around a 20 percent growth increase after launching the iPhone 6 according to analysts.

However, all of these growth rates are small when compared to Xiaomi which sold 26 million smartphones during the first half of this year. If the company reaches its sales target of 60 million for 2014, the company will have more than tripled its 2012 sales of 18.7 million.

Private investors believe Xiaomi will continue to rise, as the Beijing-based company announced a new round of equity financing earlier this week valuing it at $45 billion, which makes it the most highly valued private technology company in the world.

According to analysts, close rival LG electronics may have seen its smartphone shipments increase by 26 percent this year. Alan Chen, Trendforce analyst said in a research note earlier in the month that Xiaomi, Huawei and Lenovo which recently acquired Motorola from Google will be in a battle to become the top Chinese smartphone vendor in 2014.