ZTE wants to be in handset top five

ZTE, China's largest handset manufacturer, has reportedly set itself the target of becoming one of the world's top five mobile phone vendors within the next three years.

According to the South China Morning Post, the company, currently ranked sixth in global market-share, aims to increase annual shipments from 50 million units to 100 million units in 2010. These latest statements follow reports in April that ZTE is aiming to increase the proportion of revenue contributed by its handset division.

The company is stronger in network infrastructure; according to EJL Wireless Research, ZTE dominated the mobile basestation market in Q2 this year, winning 31% of all contracts worldwide.

Securing the number five handset spot would see ZTE overtake current fifth-placed player Sony Ericsson, which has 8.2% of the market according to CCS Insight. Nokia had a dominant 40.9%  market share in Q2, Samsung was in second-place with 15.3%, Motorola was third with 9.4%and LG was a close fourth with 9.3%.