The global Food Trucks market size is expected to be worth around US$ 10.63 billion by 2030, according to a new report by Vision Research Reports.
The global Food Trucks market size was valued at US$ 5.93 billion in 2020 and is anticipated to grow at a CAGR of 7.8% during forecast period 2021 to 2030.
|Market Size||US$ 10.63 billion by 2030|
|Growth Rate||CAGR of 7.8% From 2021 to 2030
|Forecast Period||2021 to 2030|
|Segments Covered||Type, Size, Food type|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||Prestige Food Trucks; United Food Trucks United LLC; M&R Trailers; VS VeicoliSpeciali; MRA; Futuristo Trailers; MSM Catering Trucks Manufacturing; The Fud Trailer Company; Food Truck Company B.V.; Bostonian Body, Inc.|
Rising popularity of events, such as food festivals, carnivals, concerts, and parades, are driving the industry. The growing demand from bars to partner with food trucks to park outside and gain a larger customer base is also anticipated to fuel the overall market growth. Moreover, there is a growing focus of well-established commercial restaurant chains in launching their food trucks at prime locations. For instance, major food joints, such as Dunkin Donuts, Starbucks, McDonald’s, Taco Bell, Pizza Hut, and Hard Rock Café, among others, expanded into the food truck industry. Based on a study by Mobile Cusine, Inc., in the U.S., . Europe dominated the market in 2020 due to increased investments by the region’s food truck operators. For instance, in December 2020, full-service restaurant Sausitos introduced a food truck format in Krefeld, Germany to check for the product sales in that location.
By Type Analysis
The buses and vans segment held the largest revenue share of the global market of more than 39% in 2020 and is expected to maintain dominance over the forecast period. On the basis of type, the market is segmented into expandable, boxes, buses & vans, customized trucks, and others.
Food truck operators are increasingly adopting buses and vans due to easy mobility and lower costs as compared to an expandable or customized truck, which is significantly contributing to the segment growth.
By Size Analysis
The medium-sized food trucks segment accounted for the maximum share of more than 44% of the overall revenue in 2020. The segment is projected to retain its dominance during the forecast period on account of the high demand for these trucks due to the easy mobility and flexibility to move the kitchen to events, such as carnivals, parades, or promotional festivals.
The small size segment is projected to register the fastest CAGR during the forecast period. There has been a growing inclination of food truck operators to establish a unique theme and overall experience for their customers.
The large size segment is also estimated to have a significant growth from 2021 to 2030 as these food trucks are gaining popularity across the globe,
By Food Type Analysis
The fast-food segment made the largest contribution to the global market of over 33.0% in 2020. Fast-food consumption has significantly increased over the past 5 years owing to the factors, such as convenience and low cost, and a variety of menus & flavors offered.
The vegan & meat plant segment is projected to grow at the fastest CAGR of 10.8% from 2021 to 2030. A rise in demand for vegan products as well as plant-based meat is anticipated to fuel the growth of this segment across the globe.
The barbecue & snacks segment is projected to register a significant CAGR from 2021 to 2030. Barbecue food trucks have gained significant popularity in the past couple of years, with major truck operators offering a unique fusion of barbecue food to gain customers from younger generations.
By Regional Analysis
Europe accounted for the largest revenue share of 29% of the global market in 2020 owing to a rise in events and festivals in the region. Based on a study by Le Cordon Bleu, owing to the growing passion for international cuisine,
Asia Pacific is expected to witness the fastest CAGR from 2021 to 2030. Consumers in Asian countries, such as China, Japan, and South Korea, have a higher preference for fast food from the streets, which is anticipated to increase the product demand in the region.
Prestige Food Trucks
United Food Trucks United, LLC
MSM Catering Trucks Manufacturing
The Fud Trailer Company
Food Truck Company B.V.
Bostonian Body, Inc.
Buses & Vans
By Food Type
Barbecue & Snacks
Desserts & Confectionary
Vegan & Meat Plant
Central & South America
Middle East & Africa
The Food Trucks market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Food Trucks market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Food Trucks market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Food Trucks market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Food Trucks market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Food Trucks capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Food Trucks by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Food Trucks market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Food Trucks market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Food Trucks market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Food Trucks industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Food Trucks market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Food Trucks market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Food Trucks market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Food Trucks market. These factors have benefited the growth of the global market for Food Trucks. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Food Trucks. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Food Trucks are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
The study objectives of this report are:
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