The food truck global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Food Truck Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The food truck market size has grown strongly in recent years. It will grow from $3.73 billion in 2023 to $4.04 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to food diversity, urbanization, rise of social media platforms, food truck festivals and events, government support for small businesses, popularity of mobile food ordering apps
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The food truck market size is expected to see strong growth in the next few years. It will grow to $5.37 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to health and sustainability, contactless payments, ghost kitchens, growing popularity of convenience dining, demand for personalized food experiences. Major trends in the forecast period include tech integration, gourmet and fusion cuisine, health-conscious menus, virtual food trucks developments, community and events.
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Scope Of Food Truck Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Food Truck Market Overview
Market Drivers –
The growing popularity of street food is expected to propel the growth of the food truck market going forward. Street food is defined as prepared, ready-to-eat food served by hawkers or sellers on the streets and in other public places. It is often less expensive than restaurant meals, making it a popular option for those on a tight budget. Food trucks are a popular way to sell street food as they offer several advantages over traditional brick-and-mortar restaurants, such as the ability to reach a wider customer base and more flexibility in terms of hours of operation. For instance, in 2023, according to Tastewise, an Israel-based provider of AI-powered data platform for food & beverage, around 3274 restaurants currently offering Street food on their menu and social conversations about street food increased from 0.228% in December 2022 to 0.2733% in March 2022. Therefore, the growing popularity of street food is driving the growth of the food truck market.
Market Trends –
Major Companies operating in the food truck market are adopting new technologies, such as handheld POS solutions, to provide services to their customers and sustain their position in the market. A handheld POS system is a mobile point-of-sale (POS) system that uses a smartphone or tablet to register and accept payments on the go. For instance, in June 2021, SpotOn Transact LLC, a US-based restaurant management platform, launched SpotOn Sidekick, a handheld solution. With the new Sidekick, mobile food and beverage enterprises can accept offline and online orders from a single device and deliver them straight to a Bluetooth kitchen printer. The device has 4G cellular and Wi-Fi capabilities, enabling food trucks to operate anywhere. This handled solution is specifically for food trucks, pop-up restaurants, cafes and other mobile food kitchens. SpotOn now provides the strength and convenience of handheld technology to food enterprises of all sizes. The newest in SpotOn’s promise to give restaurant owners a fully integrated restaurant management platform and 24/7/365 assistance from Restaurant Success Managers who are familiar with eateries is handheld technology.
The food truck market covered in this report is segmented –
1) By Type: Expandable; Boxes; Buses And Vans; Customized Trucks; Other Types
2) By Size: Small; Medium; Large
3) By Application: Fast Food; Vegan And Meat Plants; Bakery; Other Applications
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Regional Insights –
North America was the largest region in the food truck market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in food truck market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major players in the food truck market are KFC Corporation, The Fud Trailer, VS Veicoli Speciali, International Dairy Queen Inc., McDonald’s Corporation, Jack in the Box Inc., Starbucks Corporation , Chick-fil-A Inc., Taco Bell Corporation, Bostonian Body Inc., Domino’s Pizza Inc., Futuristo Trailers Manufacturer, United Food Trucks LLC, Baskin-Robbins Group Inc., Toppers Pizza, Mallaghan Engineering Ltd., Kogi Korean BBQ, Prestige Food Trucks, MRA Mobile Experiential, EasyTracGPS Inc., Cafe2U Pty Ltd., Roaming Hunger Inc., Kona Ice Inc., Custom Concessions , Food Truck Company B.V., M&R SpecialityTrailers And Trucks, MSM Catering Trucks Manufacturing Inc., Good Food Truck Company, World Street Kitchen.
Table of Contents
1. Executive Summary
2. Food Truck Market Report Structure
3. Food Truck Market Trends And Strategies
4. Food Truck Market – Macro Economic Scenario
5. Food Truck Market Size And Growth
…..
27. Food Truck Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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