Mobile food vehicles including food trucks, food carts, food trailers and bustaurants continue to be wheels for entrepreneurial opportunity and economic growth. The trend of mobile food vehicles transforming into and being a part of conventional brick-and-mortar restaurants is accelerating. Over the last decade, mobile food vehicles have offered a net positive to the already established restaurant industry in whichever city they have been set-up. The global mobile food vehicles market expected to expand at a CAGR of 4.9% during the forecast period from 2018 to 2026. On the contrary, despite rapid growth experience over the last few years, regulatory barriers appear to be hindering the growth of a once hot industry.
Market Synopsis
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"Food Trucks to Dominate Throughout the Forecast Period"
Food trucks remain the preferred choice for most food vendors in the mobile food industry, accounting for majority of the market value share in 2017. The major reason behind their popularity is their range in sizes and mobility. While other variants like food carts and food trailers need a secondary vehicle in order to tow them, food trucks can commute with their own power. Thus, mobility remains the overriding factor for popularity of food trucks over other variants. On the other hand, with less space requirements, food carts incur relatively lower costs for operation (electricity & propane); thereby offering opportunity for vendors to keep prices lower than those of other mobile food vehicles.
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"North America to Lead; Asia Pacific to Register Strong Growth during the Forecast Period"
In 2017, North America was the largest mobile food vehicles market worldwide, closely followed by Europe and Asia Pacific respectively. The value share of North America in the global mobile food vehicles market stood at over 40% of the global market value in the same year. This dominance can be largely credited to strong growth observed in the U.S. food truck industry over the last few years. Since recovering from the economic recession, the food truck industry in the U.S. has demonstrated an average growth of 7.5% per year. However, it is presumed that after witnessing promising and sustained growth for last five years, the food truck revenue will slow down, thereby affecting new sales of food trucks and growth of the mobile food vehicles market in the U.S.
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Key Players:
Some of the leading players profiled in the study include Prestige Food Trucks, M&R Trailers & Trucks, Custom Concessions, Prime Design & Food Trucks, Food Truck Stop, LA Stainless Kings, Newark Food Trucks, and Caged Crow Fabrications among others.
Historical & Forecast Period
This research study provides qualitative as well as quantitative insights for each segment and sub-segment from 2016 to 2026, considering 2017 as the base year for the research. CAGR (Compounded Annual Growth Rate) for each segment and sub-segment is calculated for the forecast period from 2018 to 2026.
Report Scope by Segments
Key segments covered in the report are as follows:
| ATTRIBUTE |
DETAILS |
| Research Period |
2016-2026 |
| Base Year |
2017 |
| Forecast Period |
2018-2026 |
| Historical Year |
2016 |
| Unit |
USD Million |
| Segmentation |
Type Segment (2016–2026; US$ Mn)
• Food Trucks
• Food Carts
• Food Trailers
• Bustaurants
|
|
Geography Segment (2016–2026; US$ Mn)
• North America (U.S. and Rest of North America)
• Europe (U.K., Germany, France, and Rest of Europe)
• Asia Pacific (Japan, China, India, and Rest of Asia Pacific)
• Rest of World (Middle East & Africa (MEA), Latin America)
|
Key questions answered in this report
- What was the global mobile food vehicles market size in 2016 & 2017?
- What is estimated forecast and market projections up to 2026?
- Which is largest revenue generating regional market for mobile food vehicles?
- Which mobile food vehicle variant has the largest share worldwide?
- Predominant trends shaping the global mobile food vehicles market worldwide
- Who are the leading manufacturers in the global mobile food vehicles market?
- What are the key strategies adopted by the leading manufacturers in the global mobile food vehicles market?
