Press release
Food Truck Market Outlook 2024: Exclusive Report By The Business Research Company | KFC Corporation, The Fud Trailer, VS Veicoli Speciali, International Dairy Queen Inc., McDonald's Corporation
Food Truck Market Characteristics
The Business Research Company offers in-depth market insights through Food Truck Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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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Market Segmentation:
The main types of food trucks are expandable, boxes, buses and vans, customized trucks and others. Expandable refers to something that has the potential to be enlarged, extended, or increased in size, scope, capacity, or functionality. The various sizes are small, medium and large applied in fast food, vegan and meat plants, bakery and others.
Food Truck Global Market Report 2023 provides data on the global food truck market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors' revenues, profiles and market shares. The food truck market report identifies opportunities and strategies based on market trends and leading competitors' approaches.
Major Driver - Rising Demand For Street Food Boosts Food Truck Market Growth
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.
Competitive Landscape:
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.
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Top Trend - 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.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Food Truck Market Characteristics
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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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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