On Monday, Huawei reported 34% profit growth for 2013 as it become the world's third-biggest smartphone maker, and said that it is aiming to double its revenue over the next five years.
Huawei has achieved its success by flooding emerging markets with low-priced smartphones, while at the same time gearing more high-end offerings to advanced economies.
Although the company's primary business has been building mobile telephone networks, smartphones will most likely be the new featured product as annual growth could reach as high as 10% during the next few years.
The company is not alone in its crusade to become the largest smartphone provider to emerging markets. Last year, Apple released new versions of its iPhone geared specifically as a low-cost option to consumers in emerging markets.
The new iPhone 5s and 5c were cheaper than previously released iPhones, but analysts warned that the new models are still too expensive in many emerging markets.
The cheaper iPhone 5c is supposed to address a wider market, but it sells for over $300, making it equivalent to the average monthly income of a middle-class consumer in Russia.
Although some emerging-market consumers are willing to shell out a month's salary for an iPhone, for Apple to have a truly global product it must allow profit margins to contract and offer a cheaper phone.
Apple needs to accept emerging markets for what they are. Developing economies offer size and the potential for many new customers, but not a big group of high-net worth individuals.