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Food Truck Global Market Navigating Trends, Share Report, Growth Drivers, Market Size And Future Outlook 2024-2033 | KFC Corporation, The Fud Trailer, VS Veicoli Speciali, EasyTracGPS Inc., Cafe2U Pty Ltd.
Food Truck Global Market
According to The Business Research Company's, 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 Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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.
Food Truck Market 2024 Key Insights:
• 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%.
• Rising Demand For Street Food Boosts Food Truck Market Growth
• Food Truck Industry Embraces Handheld Pos Solutions For Enhanced Customer Service
• North America was the largest region in the Food Truck market in 2023.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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