Plans to achieve goal by producing mid to high-end devices.
China-based Huawei started out by manufacturing low cost devices for emerging markets, which proved to be a good learning ground for the firm, as it now plans to broaden its reach with mid and high end smartphones to conquer the market.
The firm will achieve this by adding new team members to its 300-strong design team, which has employees from China, the US, Japan and Europe, according to WSJ.
The report quotes Huawei's chief handset designer, Hagen Fendler as saying: "We want to be the top three player within the next five years, and in order to do that, we have to broaden out our portfolio.
"The important shift is to establish quality growth for our company. That means that we address different consumers and address the market with mid-to high-end product offerings."
Last month, Huawei revealed its first high-end smartphone, the Ascend D quad, which is due for release in Q2 2012.
Fender also went on to say that everyone can learn from Apple and future devices will still feature Android.