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.

"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.

"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.

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 study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Mobile Food Vehicles market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Mobile Food Vehicles market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Mobile Food Vehicles market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Mobile Food Vehicles market?
• Which is the largest regional market for Mobile Food Vehicles market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Mobile Food Vehicles market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Mobile Food Vehicles market worldwide?