Press release
Food Truck Market Share, Growth Analysis, Trends And Industry Forecast To 2033
Food Truck Market Analysis
The Business Research Company's Food Truck Global Market Report 2024 identifies growing popularity of street food as the major driver for the food truck market's growth in the forecast period. 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.
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
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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Major competitors 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.
A key trend in the food truck market includes food truck industry embraces handheld pos solutions for enhanced customer service. 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.
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The food truck market 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
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the food truck market.
The Business Research Company's "Global Food Truck Market Report 2024" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Food Truck Market Include:
1. Executive Summary
2. Food Truck Market Characteristics
3. Food Truck Market Trends And Strategies
4. Food Truck Market - Macro Economic Scenario
5. Global Food Truck Market Size and Growth
………..
32. Global Food Truck Market Competitive Benchmarking
33. Global Food Truck Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Food Truck Market
35. Food Truck Market Future Outlook and Potential Analysis
36. Appendix
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