Sony has hit the 1 million mark on the first day sales of the PlayStation 4 gaming console and it is determined to push the number to 5 million by the end of this fiscal year, according to company reports.

Sony has every reason to celebrate the launch of its next-gen PlayStation 4 as it has already surpassed 1 million unit sales in just 24 hours of availability. Sony launched its PS4 gaming console Friday, November 15, in the U.S. and Canada. The strong sales of the console in North America are fuelling new strengths in the Japanese-based tech giant's money-losing consumer electronics operations.

The impressive launch sales have made the PS4 the company's fastest-selling console. And with Sony's determination and the European launch of the console in just under two weeks, PS4 is bound to break Nintendo's Wii U sales, which stand at 3.91 million, by the end of this fiscal year. Sony is aiming to hit the 5 million mark by March 31.

"PS4 was designed with an unwavering commitment to gamers, and we are thrilled that consumer reaction has been so phenomenal," Andrew House, President and Group CEO, Sony Computer Entertainment Inc., said in a press statement.

"Sales remain very strong in North America, and we expect continued enthusiasm as we launch the PlayStation 4 in Europe and Latin America on November 29. We are extremely grateful for the passion of PlayStation fans and thank them for their continued support."

The competition will get fierce when Microsoft's highly advertised and most awaited console, the Xbox One, hits the market Friday, November 22. Both the consoles are likely to be in high demand with the festive season approaching. Sony's PS4 launch has certainly been successful but the bigger question is will it be able to sustain the sales despite the Xbox One release this Friday?

Microsoft Xbox One and the PS4 offer enhanced graphics for realistic gaming experience, faster processors for quick game response and a series of exclusive video games. Sony has priced its PS4 at $399 in the U.S., compared to Microsoft's slightly higher pricing of $499.

Although the numbers show a significant success in terms of the PS4 launch, but they come along with a slew of problems for some early adopters. A "blue light of death" problem has been seen in a small percentage of the consoles and according to the company, only 0.4 percent of the units are affected.