Could the bedrock of the smartphone market be moving before our very eyes? A new report from market research firm Canalys last week suggests that could be the case.

The report revealed that Chinese smartphone maker Xiaomi had surpassed Apple in the second quarter of 2021 to become the world's number two smartphone maker, according to Reuters. The report measures the number of handsets that manufacturers sell to distributors. 

It was the first time Xiaomi took the second place spot, with the company getting 17% of worldwide smartphone shipments, up from 3% the previous quarter.

The market for global smartphone shipments was up 12% in the second quarter, with Samsung leading the charge at 19% per share and Apple in third place at 14% per share. Chinese smartphone makers Oppo and Vivo had 10% each. 

Xiaomi phones are about 40% tp 75% cheaper than its Samsung and Apple rivals, according to Canalys Research Manager Ben Stanton. The company now has its sights on prioritizing its high-end devices. 

Shipments for Xiaomi were up 300% in Latin America, 150% in Africa and 50% in Western Europe, according to the report. 

Lei Jun, founder and CEO of Xiaomi, called it an "important milestone in Xiaomi's history."

"Notwithstanding the celebrations now, I want to make sure we can maintain our second place steadily and firmly in the future," he wrote in a letter to employees last week. 

The company's stock was up about 5% on Friday.