New Delhi [India], January 31: With the government expected to further step up support for infrastructure and real estate in the upcoming Union Budget 2026, India’s elevator and smart vertical mobility industry stands to gain significantly. The sector underpins construction and real estate, together contributing nearly 16% to India’s GDP, and plays a critical role in housing, metro projects and urban infrastructure. Ahead of the Budget, industry stakeholders are seeking sustained infrastructure spending, targeted incentives for digitalisation and stronger measures to boost local manufacturing to support safe, smart and scalable urban growth. India’s elevator and escalator market, now the world’s second-largest vertical mobility sector, is emerging as a high-growth investment opportunity, driven by rapid urbanisation, a construction boom and rising demand for smart, safe and energy-efficient vertical transportation. With additional budget outlay for the infrastructure and real estate sectors, the elevator and lift industry today valued at USD 15 billion is expected to record USD 22-23 billion by 2033, considering the strong long-term potential for both domestic and global manufacturers. The growth in elevator industry will push for more indigenous products and further support employment growth in the country.

Suraj Thodimarath, President, Elevator & Escalator Component Manufacturers’ Association of India (EECMAI) added, “A continued infrastructure push in the Union Budget, combined with incentives for smart technologies and local manufacturing, will be critical for scaling India’s elevator and escalator industry while ensuring safety, quality and global competitiveness.” The industry expects budgetary support for smart cities and PMAY housing to accelerate elevator demand, alongside sustained capex for urban transport and high-rise development. It is also seeking incentives for AI- and IoT-enabled smart lifts, energy-efficient systems aligned with India’s net-zero goals, and deeper localisation under Make in India through PLI expansion, duty rationalisation and easier MSME financing.

The Indian elevator industry today sits at the intersection of integrated building design, smart infrastructure, and urban mobility,” said Anita Raghunath, Managing Director, Virgo Communications. “With sustained Budget support for smart cities, affordable housing, and rapid urban infrastructure development, the sector is uniquely positioned to enable intelligent buildings, seamless people movement, and long-term, technology-led economic growth.” With residential projects accounting for 65–70% of lift demand and Tier II and III cities witnessing 10–15% growth in vertical development, the sector sees Budget 2026 as a pivotal opportunity to position India as a global hub for smart, safe and sustainable vertical mobility through continued policy support.

As India accelerates vertical urban growth, elevators, inclusive mobility solutions, parking systems, and building access and control systems are emerging as critical infrastructure for smart cities and high-density developments. “The Union Budget presents a significant opportunity to strengthen the vertical mobility ecosystem by supporting modernization, energy-efficient technologies, and MSMEs across the value chain. Targeted policy interventions can accelerate industry growth while enhancing accessibility, safety, and passenger experience nationwide,” said Abhijit Dandekar, President, PALEA.

Today, elevators account for nearly 97% of vertical mobility installations, with 65–70% demand from residential real estate, 25% from commercial developments, and 10% from infrastructure projects including airports, metro stations, hospitals and public buildings. Investors are now increasingly prioritising and recognising elevators not just as transport equipment but as critical infrastructure assets driving future urban growth and sustainability.

Commenting on the scale of the event, Raghu G, Director, Virgo Communications & Exhibitions Pvt. Ltd., said, “Smart Lift & Mobility World 2026 brings together the entire vertical mobility ecosystem on a global platform. More than an exhibition, it is a movement driving innovation, leadership dialogue, industry excellence and safety through initiatives like the Smart Lift & Mobility Awards and the world’s first Elevator Safety Run.” Leading global and Indian players such as Johnson Lifts, Otis, Schindler , KONE are sponsoring the concurrent Industry Awards, Summits and the Elevator Safety Run, underlining their strong commitment to safety, excellence, and industry advancement. In addition, prominent industry leaders, including Omega Elevators, Epic Elevators, Shantitech, Fermator, Torin Drive, and Bharat Bijlee, are participating as sponsors and exhibitors at the expo.

The exhibition will also feature a powerful lineup of key players such as Omega Elevators, L&T Elevators, Wittur, MAS Industries, Monteferro, SJEC, Infra, Hephzi, Arkel, Montanari, Wohr Parking, RR Parkon, Innovance, COAM, Team Mobility and Yug X Lifts, along with hundreds of other exhibitors from across the vertical mobility and building access ecosystem.

Smart Lift & Mobility World 2026 is supported by leading international, national and regional industry associations, including CREDAI, NAREDCO Karnataka & Mysore, WICCI Karnataka Architecture Council, COA, IGBC EECMAI, PALEA and EFESME, along with regional bodies such as EMAK, GEIA, KEMA, KHEMA and AILUF, highlighting strong industry-wide commitment to safe, sustainable and future-ready mobility solutions in India.

For Further information contact Virgo Communications Media Cell Suresh Rathore | Trident Public Affairs | 9820007348 (Disclaimer: The above press release comes to you under an arrangement with PNN and PTI takes no editorial responsibility for the same.). PTI PWR