Tech giant Apple has been experiencing a decline in its sales and market share over the past couple of quarters. Capitalizing on Apple's weakening market and Samsung's recent blunder, Chinese smartphone manufacturer Huawei is poised to take the number two spot away from Apple, according to an analyst.

Research firm Canalys reported that Huawei is on track to take away the title as the second leading smartphone manufacturer away from Apple. Canalys believes that the recent blunder regarding the Note 7 device that caused Samsung's brand to be severely tarnished is what propelled Huawei's market share.

Huawei's smartphone business grew by 70 percent in Africa, Europe, and the Middle East. This impressive growth rate was achieved by the Chinese smartphone giant despite the fact that global smartphone demands and sales continue to plummet. Canalys estimates that Huawei was able to ship more than 26 million smartphone units to Europe alone, and this figure will continue to grow as the holiday season looms closer.

Huawei is currently the second-largest provider of smartphones on the Android platform. The top spot is currently occupied by Samsung and has been for several years. By launching reasonably priced yet powerful products, Huawei was able to edge out major Android players such as HTC, LG, and Sony.

In a statement, Canalys analyst Ben Stanton said, "Huawei now finds itself with no major competition in the 5.5in-plus segment. It will be hard to entice European consumers to upgrade to super-large screen en masse."

According to Reuters, the Chinese smartphone giant unveiled its first Porsche Designed-branded smartphone last week. 

Following the launch of the Porsche Designed-branded smartphones, Huawei chief executive of consumer business group said that the company aims to topple Apple as the second largest smartphone maker within the next two years.