Mobile food vehicles, including food trucks, food carts, food trailers, and bustaurants, continue to wheel for an entrepreneurial opportunity and economic growth. The trend of mobile food vehicles transforming into and becoming 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 is expected to expand at a CAGR of 4.9% during the forecast period from 2018 to 2026. On the contrary, despite the rapid growth experienced over the last few years, regulatory barriers appear to be hindering the growth of a once-hot industry.
Market Synopsis
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 the 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 on their own power. Thus, mobility remains the overriding factor for the popularity of food trucks over other variants. On the other hand, with fewer space requirements, food carts incur relatively lower costs for operation (electricity and propane), thereby offering vendors the opportunity to keep prices lower than those of other mobile food vehicles.
North America to Lead; Asia Pacific to Register Strong Growth During the Forecast Period
In 2017, North America was the largest mobile food vehicle market worldwide, closely followed by Europe and Asia-Pacific, respectively. The value share of North America in the global mobile food vehicle market stood at over 40% of the global market value in the same year. This dominance can be largely credited to the 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 rate of 7.5% per year. However, it is presumed that after witnessing promising and sustained growth for the last five years, food truck revenue will slow down, thereby affecting new sales of food trucks and the growth of the mobile food vehicle market in the U.S.
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.
Periods of History and Forecast
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. The CAGR (compound 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:
Key questions are answered in this report.
What was the size of the global market for mobile food vehicles in 2016 and 2017?
What are the estimated forecast and market projections up to 2026?
Which is the 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 vehicle market worldwide
Who are the leading manufacturers in the global mobile food vehicle market?
What are the key strategies adopted by the leading manufacturers in the global mobile food vehicle market?
Frequently Asked Questions:
The market for Mobile Food Vehicles is expected to reach XX Mn in 2026.
The Mobile Food Vehicles market is expected to see significant CAGR growth over the coming years, at XX%.
The report is forecasted from 2018-2026.
The base year of this report is 2017.
Prestige Food Trucks,M&R Trailers & Trucks,Custom Concessions,Prime Design & Food Trucks,Food Truck Stop are some of the major players in the global market.
