Here's what the sales situation in Q4 2001 and Q1 2002 in the U.S. was:

Q4 '01
PS2: 3222k
Xbox: 1422k
GC: 1236k

Q1 '02
PS2: 1140k
Xbox: 403k
GC: 251k

The PS2 wasn't even close to being threatened by the Xbox or GameCube, not in the U.S., not in Europe, and not in Japan. The PS2 had a supermajority in all regions. That renders moot the argument that the PS4 doesn't need a price cut because it's the market leader. The PS2 was more dominant than the PS4 and it still got a price cut. Even if the GC and Xbox launched later (and the former at a lower price and with better specs), it was clear at the time that the PS2 needed a price cut the least of any console since the NES. Additionally, the XBO is performing considerably better than the original Xbox, at least in the U.S. and Europe (Xbox barely registers in Japan so they really aren't part of the equation). In the U.S. the PS4-XBO gap is close enough to where the XBO has squeaked out a victory several times in the U.S. (Dec. '13, Nov. & Dec. '14, & April '15).

In the U.S. and Japan at least, the PS4 is not the unstoppable juggernaut the PS2 was. It's sales are roughly flat YoY in the U.S. and only barely up in Europe. Its sales are good but not mind-blowing. Its sales won't experience any appreciable growth without a price drop.

PS2: 1423k
Xbox: 572k
GC: 406k

All three systems got a price cut in May 2002. The PS2 and Xbox were dropped from $300 to $200 while the GC went from $200 to $150. Sony announced their price cut first, followed by MS and finally Nintendo.

Um, what? Through the first half of 2002 the PS2 averaged 61% market share and outsold the second-place system nearly three-to-one. Meanwhile, the PS4 hasn't been able to average a simple majority market through the first half of this year (the NPD had it at 48% so as of June) and has sold only 21.7% more than the second-place console. When you're talking just market share, 61% is a huge step up from 48% (at 60% you're outselling the entire competition 3-to-2, while at 48% the competition is outselling you by 8%), and don't forget that the third-place console this gen is performing significantly worse than the third-place system in the sixth generation.

The PS4 may be winning in the U.S., but the only place it's dominating is Europe. But even in Europe it's sales have only improved YoY this year about what the PS2 did in the U.S. in Jan.-April period of 2002 versus the same period in 2001, and said sales improvement for the PS4 may be largely due to supply constraints not being an issue like they apparently were last year. The PS4 is no PS2 when it comes to being an unstoppable juggernaut, and sales aren't going to have any truly significant growth without a price cut.