Grand Theft Auto V has the potential to sell 18-20 million units by the end of Take-Two's fiscal year in March 2014, according to Sterne Agee analyst Arvind Bhatia.
The game has the opportunity to perform "substantially better" than 2008's Grand Theft Auto IV because the console installed base is now an estimated three times larger, Bhatia said in a note to investors.
Worldwide Xbox 360 sales stand at 78.2 million, while Sony has sold an estimated 78 million PlayStation 3 units since launch, meaning GTAV will release on platforms owned by more than 156 million gamers across the world.
According to Bhatia's data, GTAIV sold-in 11 million units in its first month and more than 13 million units in the first 9 months following release. The game has sold 25 million copies to date.