The market for electric buses and taxis will rise 870 percent from 2012 to 2022, reaching $60 billion, according to a report from IDTechEx Ltd.

This is due to the government incentives, return of investment, and new technology, added to the growing number of hybrid and all-electric consumer vehicles.

China is seen becoming the largest market, with Shenzhen City having the largest fleet at 1,200 buses and 800 taxis. The city also has a subsidy for these vehicles, a report from Clean Technica said.

The report also listed the electric bus and taxi manufacturers who have committed to this endeavor – 78 hybrid vehicle manufacturers, 53 pure electric vehicle makers, and 68 lithium-ion traction battery manufacturers.