HTC has bypassed competitor Nokia in terms of market value, driven by its slew of Android-powered smartphones, and is expected to see further growth in the coming years, according to reports.
HTC's market capitalization jumped 33 percent this year to reach US$33.8 billion, topping Finnish rival Nokia's US$32.8 billion, Bloomberg reported Thursday.
Technology site, All Things Digital, also stated in a blog post that the figure is much higher than Research In Motion's (RIM) market value of US$28.5 billion.
HTC is Asia's second-largest handset manufacturer and with its new increased stock value, the Taiwanese company is now also the world's third-largest manufacturer, the Bloomberg report noted. HTC shares on Wednesday rose 5.3 percent in Taipei, compared to Nokia which inched up only 1.1 percent in Helsinki.
The report added that exponential demand for Android-powered smartphones contributed to HTC's ascension in the market. It noted that Standard & Poor's on Mar. 30 had for the first time cut its debt rating on Nokia, forecasting "further significant market share losses".
In contrast, the projection for HTC is optimistic. Goldman Sachs' analyst Robert Chan estimated that the company is set to see higher growth, shipping 200 million smartphones and 30 million tablets annually over the next three to five years, according to the All Things Digital post.
Previous reports also signaled the growing dominance of Google's mobile operating system (OS) over RIM and Nokia. Research firm Canalys announced in February that Android surpassed Nokia's Symbian to emerge the top platform for smartphones worldwide.