The PlayStation 5 and Xbox Series X are shaping up to be incredibly close competitors on a number of points—solid state drives, ray tracing capabilities, backward compatibility—and meanwhile, Nintendo is confident that the Switch and Switch Lite won't suffer when its competitors release their brawny new consoles.
Speaking with investors last week, Nintendo president Shuntaro Furukawa said that while the company expects "a change in the environment" as Sony and Microsoft release new consoles, Nintendo doesn't believe that "the business trends of other companies will have a significant impact on [its] business" (via VGC).
Furukawa also announced that Nintendo is not looking to introduce a new model of Switch in 2020, adding that the company sees the Switch platform as entering "the beginning of the mid-stage" of its lifecycle.
Nintendo has the numbers to back up its belief in the Switch's longevity. The Switch just surpassed the lifetime sales of the SNES and is well on-pace to sell over 60 million units by the middle of 2020. Nintendo also continues to release titles that quickly cross multi-million sales records, from Pokemon Sword and Shield to Luigi's Mansion 3.
Also, since the release of the Switch Lite in September, one in three Switch units sold was one of the handheld-only models models. While Microsoft has shown interest in mobile gaming, getting xCloud streaming on a wide range of devices, and even in the Switch itself, neither it or Sony have dedicated handheld devices on the market.
In the last year, more games were released for the Switch than for the PS4 and Xbox One combined, but despite the platform's popularity, some publishers (like EA) continue to focus development of new titles on other consoles or PC. Meanwhile, the Switch's library of ports from older consoles or earlier in the current generation continues to grow unabated.