The Industrial Technology Research Institute (ITRI) anticipates a return to normalcy in manufacturing industry inventories next year, coupled with increased investment willingness among businesses. Given the lower comparative base this year, the probability of growth in the machinery and machine tool industry in 2024 is higher. ITRI identifies four key industries, namely electric vehicles (EVs), renewable energy, semiconductors, and consumer electronics with AI capabilities, as the primary drivers for Taiwan's machinery and machine tool industry growth in the coming year.

According to ITRI's Industrial Economics and Knowledge Center (IEK), Taiwan's machinery equipment production value is expected to decline by 17.8% this year, influenced by global factors such as global inflation, high interest rates, war, and economic downturn in mainland China. The machinery equipment production value in Taiwan is forecasted to grow by 4.9% in 2024, with machine tool production estimated to increase by 2%. The favorable factors include manufacturing industry inventories returning to normal levels next year, an upswing in investment willingness, and the continuation of energy-saving equipment investments. 

Shipment value of the Taiwan ICT hardware industry is anticipated to reach US$113.2 billion in 2023 and further to US$119.8 billion in 2024, according to MIC (Market Intelligence & Consulting Institute), a semi-government IT research institute. Meanwhile, MIC also predicts that shipment value of the Taiwan semiconductor industry will arrive at US$118 billion in 2023 and further to US$134.5 billion in 2024, reflecting a 13.7% year-on-year growth.