Archive · 31 Jan 2026
Budget 2026: EV and Elevator Industries Seek Boost
Electric vehicle (EV) sales in India reached a record high of over 1.76 lakh units in 2025, which is a 77% increase from the previous year.
Manufacturers and experts are hoping that the upcoming budget will include incentives to make EVs more affordable and to improve charging infrastructure.
They want the government to continue subsidies, stabilize supply chain costs, and invest more in charging stations.
The government has already launched several initiatives like FAME-II and PM E-Drive to support EV adoption.
The elevator industry also expects benefits from the budget, seeking sustained infrastructure spending, targeted incentives for digitalisation, and stronger measures to boost local manufacturing.
The elevator market in India is the world's second-largest and is expected to grow significantly by 2033.
Both industries are looking for policy support to accelerate their growth and contribute to India's economic development.
EV sales in India reached an all-time high of 1.76 lakh units in 2025, a 77% year-on-year increase.
Manufacturers and experts expect the budget to include incentives to boost EV adoption and affordability.
Key expectations include continued subsidies, stabilized supply chain costs, and enhanced charging infrastructure.
Government initiatives like FAME-II and PM E-Drive aim to support EV adoption and investment.
The government targets 30% EV penetration in private cars, 80% in two and three-wheelers, and 70% in commercial vehicles by 2030.
- Who
- EV manufacturers, elevator industry, and experts in India
- What
- Expectations for Budget 2026 to boost EV adoption and elevator industry growth
- When
- 2026
- Where
- India
- Why
- To accelerate EV adoption, enhance affordability, and support infrastructure and real estate sectors
- EV Sales in 2025
- 1.76 lakh units
- Year-on-Year Growth
- 77%
- Key Initiatives
- FAME-II, PM E-DRIVE, PLI, PM e-Bus Sewa
- Expected EV Penetration by 2030
- 30% in private cars, 80% in two and three-wheelers, 70% in commercial vehicles
- Critical Requirements
- Incentives, lower-interest loans, tax rebates, charging infrastructure
- Elevator Market Value
- $15 billion (expected to reach $22-23 billion by 2033)
- Elevator Market Growth Drivers
- Rapid urbanisation, construction boom, smart and energy-efficient vertical transportation
- GST Rate on EVs
- Lowest rate across all segments
Sources
EV players pin big hopes in Budget as adoption spikes and support infra lagging behind
Budget 2026: Will the government roll out more supportive measures for nuclear sector? Here’s what analysts expect
Making EVs affordable: Consumer expectations from Budget 2026 on taxes and subsidies
Elevator industry seeks infra spending, sops for digitalisation in Budget
