Sony is now claiming the title of 'World's Most Powerful Console' for PlayStation 4, leading the video game console charts by selling more than 20.2 million units in 2014. Last week, the PS4 even dominated the Japanese market.

The CEO of Sony Computer Entertainment Andrew House expressed his gratitude to the PS4 fans for letting the improved console take the top spot.

"We are so grateful for the enormous support from PlayStation fans worldwide, and we are truly humbled that gamers around the globe have continued to select PS4 as the best place to play. We remain steadfast in our commitment to deliver unique and interactive entertainment experiences powered by the network and the PS4 system's deep social capabilities," according to the Sony CEO. 

After launching in 2013, the PS4 continues to become a sales giant overtaking its top competitors, which are the Wii U and Xbox One, with the latter only selling 10.9 million units last year.

Critics say that the Xbox One contributed a lot in the huge sales of PS4, with people choosing it over Microsoft's console. 

Kazuo Hirai, president of Sony Corporation, trusts that the PS4 will contribute a lot in the success of the company. He believes that it is the company's backbone and future.

"It is likely that PS4 will become the platform which exceeds the profits earned with PS2," Hirai said.

"Going forward, we will use streaming to deliver the PlayStation experience worldwide," he said. "We also plan to make PlayStation Now compatible with new Bravia LCD TVs to be launched in the U.S. market this year. And in the future, we intend to extend its availability to a wide range of networked devices."

It is likely that the numbers of PlayStation 4 owners will increase as recent rumors point to a possible price cut for the device and the handheld PS Vita. About $50 will be slashed off the former during a future Sony event.