Chinese smartphone maker, Huawei is making giant strides and is making even bigger plans.

The smartphone maker which toppled Apple to become second largest smartphone maker in the world said on Friday that it could replace Samsung as the world's top smartphone maker by late next year.

Huawei is making these strides despite being essentially barred from the key US market.

The chief of Huawei's consumer division, Richard Yu, made the remark at the release of business results for the first half of 2018, during which unlisted Huawei said it shipped more than 95 million smartphones, an increase of about 30%.

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"It's no question that we become the number two next year. In Q4 next year it's possible we become number one," Yu said in Shenzhen, the southern Chinese city where Huawei is based.

He added that "the past six months have been incredible".

Huawei took second place from Apple in a tightening global smartphone market during the second quarter, according to figures released Tuesday by tech-industry trackers International Data Corporation, IDC.

South Korean titan Samsung remained on top in April-June, shipping 71.5 million handsets for a 20.9% market share, IDC said.

But Huawei sold 54.2 million phones for a 15.8% market share, followed by Apple's 41.3 million iPhones that gave it 12.1% of the market.

It was the first time since early 2010 that Apple was not in the top two.

But despite losing number-two position to Huawei, Apple is in the news for good reasons as it has become the first company to cross the 1 trillion dollar valuation on Thursday.

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