The world chip shortage is expected to threaten the already low supply of Sony's PlayStation 5 consoles this year.

The video game console is one of the most sought-after products on the market - with units quickly selling out as they hit the shelves.

Demand for the product has remained elevated since it was launched in November. Consumers continue to flock to stores to get their hands on the PlayStation 5 as the extended pandemic forces governments to reimpose lockdowns.

Sony is expected to report record profits for its latest financial year ending in March. Earlier in February the company upgraded its gaming unit's annual revenue forecasts, stating that it was experiencing record sales of its latest console, games and accessories.

Analysts said Sony may not be able to keep up with demand, even if it had previously stated that it should be able to produce "decent numbers" over the second half of this year.

The broader demand for electronic components and microchips - particularly from the automotive and smartphone sector - might further hinder Sony from hitting its production goals in the coming months. Analysts say the chip industry may take longer to recover from the disruptions caused by the world coronavirus pandemic.

Sony is confident it can overcome supply limitations. The company's head of its Sony Interactive Entertainment business unit, Jim Ryan, said supply limits should "ease incrementally" throughout the rest of the year. Ryan said there were no guarantees Sony would meet the demand for the console, particularly during the next holiday sales season.

 "The pace of the improvement in the supply chain will gather throughout the course of the year, so by the time we get to the second're going to be seeing really decent numbers indeed," Ryan said.

Sony said it planned to outsell the previous generation PlayStation console, which sold more than 14.9 million units. The company said earlier in the month that it had already sold 4.5 million PlayStation 5 consoles and sales are continuing to grow globally.