TL;DR: Sony's PlayStation 5 is on track to outsell the PlayStation 4, with US sales outpacing the PS4 by 7% since launch. Despite initial challenges, the PS5 is selling well, while Xbox Series lags behind Xbox One. Overall, video game hardware sales are declining, with annual spending down 25% from 2023.
Source: PlayStation 5 is outpacing PS4 sales, Xbox fails to beat Xbox One sales pace
Source: PlayStation 5 is outpacing PS4 sales, Xbox fails to beat Xbox One sales pace