New Delhi: India’s elevators and escalators sector has emerged as one of the fastest-growing vertical mobility markets globally, driven by rapid urbanisation, infrastructure expansion and rising high-rise development across metros and emerging cities. In 2025, the number of elevator units sold annually in India was estimated at nearly 1 lakh (100,000) units, though other estimates suggest volumes ranging from 55,000 to over 60,000 units.
The India elevator and escalator market size reached USD 14.60 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 22.20 Billion by 2033, exhibiting a growth rate (CAGR) of 4.30% during 2025-2033. The increasing high-rise construction, government initiatives like Smart Cities and affordable housing projects, rising demand in metro stations, airports, and commercial spaces, and technological advancements in energy-efficient and IoT-enabled elevators are contributing to the market growth.
India’s rapid urbanization is driving demand for elevators and escalators, fuelled by a surge in high-rise residential and commercial buildings. The United Nations projects that by 2030, 40.76% of India’s population will live in urban areas, up from 34.93% in 2020, necessitating vertical infrastructure expansion said Nakul Gupta, Senior Consultant of IMARC Services Private Limited.
Elevators account for the vast majority of the vertical mobility installations, estimated at approximately 96.8% of the total elevator and escalator unit market. Of this, approximately 65-70% demand originates from residential real estate, 25% from commercial developments, and 10% from infrastructure projects including airports, metro stations, hospitals and public buildings. The industry, policymakers, regulators, urban planners, developers, global manufacturers and technology providers will come together this year to deliberate on unified national law ‘One Nation, One Lift Law’ and the future of vertical mobility at Smart Lift & Mobility World 2026, scheduled from 5–7 February 2026 at the Bengaluru International Exhibition Centre (BIEC).
With India adding millions of square metres of built-up space every year and vertical construction becoming the norm even in Tier II and Tier III cities, the elevator and escalator market is projected to grow at a CAGR of 10–12% through 2028, taking the industry’s estimated value into double-digit billions of US dollars. Against this backdrop, industry stakeholders are strongly advocating the introduction of a “One Nation, One Lift Law” (ONOL) to support sustainable growth, improve safety outcomes, reduce compliance inefficiencies and unlock higher economic value for the nation.
Currently, elevator safety and installation are governed by multiple state-specific Lift Acts and Rules, alongside Indian Standards (IS) issued by the Bureau of Indian Standards (BIS). The absence of a unified national law has led to regulatory fragmentation, varied inspection procedures, inconsistent timelines, and duplicated licensing requirements, increasing costs and delays for developers, manufacturers and service providers operating across multiple states.
The harmonization of state lift rules and Indian standards for lifts as a single code will greatly help to maintain a single product safety level throughout India and enable effective implementation of lift rules, paving the way for introduction of new technology to improve product safety and passenger safety, said Amit Gossain, managing director , KONE Elevators and Chairman of the Elevators & Escalators Division of IEEMA
As India’s skyline continues to rise, elevators and escalators are no longer limited to premium developments. From affordable housing and government buildings to railway stations, airports, shopping centres and healthcare facilities, vertical mobility systems have become critical public infrastructure, directly impacting citizen safety, accessibility and productivity. Industry experts say that uniform safety and compliance benchmarks across states are no longer optional but essential.
Anita Raghunath, Director, Virgo Communications, organisers of Smart Lift & Mobility World, said, “The event serves as a collaborative platform for shaping the future of vertical mobility in India. ‘One Nation, One Lift Law’ is central to this dialogue, as it links safety, urban governance, industrial growth and citizen well-being.” The discussions at SLMW aim to chart a clear roadmap for uniform safety standards, streamlined compliance, enhanced ease of doing business and future-ready urban infrastructure, reinforcing India’s journey toward becoming a safer, smarter and globally competitive vertical mobility market, added Raghunath
“A ‘One Nation, One Lift Law’ would significantly simplify compliance, standardise inspection protocols and align safety norms across the country,” said Krishnakumar Ravi, President & CEO, PAPL Corp. “Uniform regulations would enable faster project execution, lower operational costs and ensure consistent passenger safety, whether in Mumbai high-rises, Bengaluru airports or emerging urban centres across India.”
.From an economic standpoint, industry leaders estimate that a national lift law could increase overall industry productivity by 20–25%, encourage greater localisation of manufacturing, and support export competitiveness by aligning India’s regulatory framework with global best practices. The elevator and escalator ecosystem also supports thousands of MSMEs, technicians and skilled workers across manufacturing, installation, maintenance and modernisation, sectors that stand to benefit from uniform licensing and certification norms.
R. Balakrishnan, Vice President & Head, MEP Design, L&T, added, “As demand expands beyond metros into Tier II and Tier III cities, a unified law will build trust and accountability across installations. Standardisation will directly benefit developers, contractors and end-users, while improving lifecycle safety and reliability.” He added that standardised regulations would lead to faster approvals, reduced project delays, higher asset uptime and better maintenance compliance, translating into increased tax revenues, higher GST collections and improved long-term asset value for the nation.
The industry will spotlight this urgent need at Smart Lift & Mobility World 2026, scheduled from 5–7 February 2026 at the Bengaluru International Exhibition Centre (BIEC). The event is expected to attract over 12,000 visitors, 200+ exhibitors and 50+ industry speakers, making it India’s largest dedicated platform for elevators, escalators, smart mobility, parking systems and allied technologies.
