PlayStation 5 buyers may have to wait longer as Sony cuts production targets due to component shortage

PlayStation 5 has been tough to find in stores since its launch an year before. The gaming console by Sony has seen a very limited supply to date and new reports indicate that this availability may worsen over the coming months.

As per sources familiar with Sony's operations, the Japanese electronics major may have had cut down on the production of PlayStation 5 (PS5) units. While the company originally planned to produce 16 million units of PS5 in this fiscal year, it has now revised its production outlook for this period to 15 million units.

The information has been shared in a recent report by Bloomberg. The report mentions that Sony, like all other OEMs, is facing a supply shortage of components for its PS5 and may not be able to meet its production targets as set earlier. Other than the components, the company is also facing constraints in logistics of these components.

The new production target will still be enough for the company's predicted sales for this financial year. Last month, Sony claimed that it was on track to sell 14.8 million PS5 consoles this fiscal year. For this, the company had taken into account the ongoing shortage of several components around the globe.

If true, it could mean that yet another technology major will see a substantial impact of the semiconductor shortage in the world. Many smartphone makers have had to increase the prices of their phones in order to meet the rising cost of components. Some are not able to create a constant supply of their products while some others have delayed the launch of new devices altogether.

There is no official word from Sony on the development as yet. Though there is little to no chance that a drop in production of PS5 will not hamper the already dismal demand and supply balance. As PS5 buyers still wait to get their hands on the gaming console, the coming months will tell if the supply manages to meet the market demand after a year of the console's launch, or if it stays low and keeps these buyers on standby.