The rumoured HTC One Mini seems to have a great chance of dominating the market of low cost smartphones.

Taiwanese mobile manufacturer HTC is rumoured to release a miniature version of HTC One that aims to beat the rumoured Samsung Galaxy S4 Mini.

Early this week, a leaked image of the device depicts that is being called the HTC M4 and looks like a smaller version of HTC's M7, which went on to be branded as the HTC One. The image shows a device with what appear to be identical build materials and overall design though the overall specs are rumored to be far less powerful than the ones on the HTC One.

The HTC M4 will be priced significantly lower than the HTC One and consequently some sacrifices will be made with its specification. The HTC M4 / HTC One Mini is expected to be launched in the second quarter of 2013 and probably cost around £300.

HTC One Mini dubbed as HTC M4 is said to be have a dual -core processor, 2GB of RAM , same ' Ultrapixel' camera, 16GB of internal memory, and 1,700mAh Li Ion non removable battery. Its display could be a 4.3-inch with 720p HD resolution and 341 ppi along with 4G LTE and Android 4.2 Jelly Bean out of the box.

The device is rumoured to be released in the second quarter of the year sometime around June, which is the same time that the Samsung Galaxy S4 Mini will be launched.

Meanwhile, HTC One is already rolling out in many countries. HTC has released a new 32GB unlocked version of the HTC One, which is priced at $574.99 on HTC's online store in the US. The difference between this and the developer edition is that the developer edition has 64GB of internal memory and an unlocked bootloader.

The HTC One is powered by Google's Android, but the company has distinguished it from rivals by using new software to replace icons on the home screen with a personalised stream of news articles, social networking updates, photos and video.

The new smartphone from HTC wowed critics and reviewers at the launch events in New York. The new handset offers a 1.7 GHz quad-core processor; Near Field Communication; LTE mobile broadband; stereo speakers; a big, 4.7 inch screen with a 468 pixel-per-inch resolution; and a 4 "ultrapixels" camera.

HTC is one of the most sought after tech company after releasing powerful and high quality devices over the years. HTC released successful smartphones in the past such as HTC One and HTC Desire series.

If rumours proved to be true, the cheaper HTC One will be battling with other rumoured low cost smartphones such as Samsung Galaxy S4 Mini and iPhone 5S, which are also pegged for release in the coming months.