Apple is the largest smartphone vendor surpassing Samsung and Nokia not only in terms of revenue, but also in volume accounting for 18.5 percent of the smartphone shipments in the second quarter.

The sales of the iPhone triggered Apple’s share to jump 21 percent. According to Strategy Analytics survey, Apple’s growth remained strong as it expanded distribution worldwide, particularly in China and Asia.

Apple’s stock price recently went up to $400, and its total market capitalization is more than $363 billion, which makes it the second largest company in the world, behind Exxon Mobil.

Nokia, the world’s biggest handset producer, dropped to third place behind Samsung, accounting for 15 percent of the shipments. Samsung grew 520 percent annually attaining a 17 percent share of the global smartphone market.

With the coming of the iPhone 5 and Samsung Galaxy SII, the smartphone battle between Apple and Samsung will intensify.

Nokia’s loss of 47 percent in Helsinki stock trading this year clearly shows how the company is losing to the growing smartphone market occupied by iPhone and Android.

“Global smartphone shipments grew a healthy 76 percent annually to reach a record 110 million units in Q2 2011,”said Alex Spektor, Senior Analyst at Strategy Analytics.