Mobile Food Truck Market Share

Mobile Food Truck Market Overview

Mobile Food Truck Market Size was valued at USD 2.3 Billion in 2023. The Mobile Food Truck market industry is projected to grow from USD 3.1 Billion in 2024 to USD 11.3 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.6% during the forecast period (2024 - 2032). Shifting consumer needs and preferences combined with the world's cities becoming more and more urbanized are the key market drivers boosting the expansion of the market.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Mobile Food Truck Market Trends

• Flexibility and Mobility is driving the market growth

Market CAGR for mobile food truck is being driven by the rising Flexibility and Mobility. The "Mobile Food Truck Market" is anticipated to increase significantly over the next several years, mostly due to the rising demand for (Scenic Spot, Street, Others), The market can be divided into segments according to the kind (Unpowered Food Truck, Electric Food Truck, Gasoline Food Truck).

Additionally, food truck vendors may reach a wide range of customers and locales thanks to their mobility, which enables them to profit from events, festivals, commercial districts, residential areas, and other high-traffic regions. Food truck owners may adjust to shifting consumer trends and preferences because to this flexibility. Convenient dining choices are in more demand as a result of changing consumer preferences and lifestyles. Customers can choose from a wide variety of fast, easily accessible, and tasty meals from mobile food trucks, which accommodate different dietary needs and tastes. Food trucks frequently provide specialties, fusion cuisines, unusual and inventive menus, and specialty foods that might not be readily accessible in conventional brick-and-mortar restaurants. Customers looking for novel and intriguing eating experiences are drawn to its distinctiveness.

Entrepreneurs looking for opportunities in the food industry are drawn to the food truck industry due to its low entry hurdles. Aspiring food entrepreneurs may find starting a food truck business to be an interesting alternative because it involves a smaller initial investment and ongoing operating costs than opening a regular restaurant. The success of food trucks has been greatly attributed to the usage of social media channels for marketing and promotion. By using social media to promote their locations, share menus, interact with consumers, and cultivate a devoted following, operators may increase their visibility and attract a wider audience.

For instance, approximately 55% of the world's population lives in urban regions, according to the UN. Convenient dining options are in higher demand in cities due to the development of urbanization, as people usually have limited time. The worldwide food truck industry trend is thriving as consumers prioritize quick and convenient dining options. It offers a variety of unique culinary experiences to meet these shifting demands. Thus, result in driving the Mobile Food Truck market revenue.

Mobile Food Truck Market Segment Insights

Mobile Food Truck Product Type Insights

The Mobile Food Truck Market segmentation, based on Product Type includes Unpowered Food Truck, Electric Food Truck, and Gasoline Food Truck. The electric food truck segment dominated the market. Another name for electric food trucks is e-food trucks. Because these food trucks run on electric batteries and don't emit any gas or fuel during operation, they are considered environmentally friendly.

Mobile Food Truck Application Insights

The Mobile Food Truck Market segmentation, based on Application, includes Scenic Spot, Street, and Others. The scenic spot category generated the most income. Scenic Spot food trucks are used to sell food in picturesque locations. The food truck restaurant can be parked in picturesque locations so that visitors can sample the cuisine and flavors of the area. Compared to regular restaurants, the food truck provides a distinctive eating experience that is more intimate and less expensive.

Figure1: Mobile Food Truck Market, by Distribution channel,2022&2032 (USD Billion)

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Mobile Food Truck Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Mobile Food Truck market area will dominate this market. It is anticipated that the food truck industry would experience notable expansion in the current year and during the projected period due to the increase in tourism in these states.

Further, the major countries studied in the market report are The US, German, France, the UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil.

Figure2: MOBILE FOOD TRUCK MARKET SHARE BY REGION 2022 (USD Billion)

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Europe Mobile Food Truck market has the second-largest portion of the market. Food truck businesses are starting to use more electric vans, and this is expected to have a big impact on the industry during the projection period. Further, the German Mobile Food Truck market maintained the most market share, and the UK Mobile Food Truck market was the European market with the quickest rate of growth.

The Asia-Pacific Mobile Food Truck Market is anticipated to expand between 2024 and 2032 at the quickest CAGR. Street food consumption is expected to rise, driving market expansion. Moreover, China’s Mobile Food Truck market maintained the most market share, and the Indian Mobile Food Truck market was the Asia-Pacific region's fastest-growing market.

Mobile Food Truck Key Market Players& Competitive Insights

Leading market players are putting a lot of money on R&D to expand their product lines, which will help the mobile food truck industry, continue to thrive. Additionally, market players are engaging in a range of calculated initiatives to increase their worldwide presence, with important market developments involving the introduction of new products, contracts, M&A transactions, increased investment, and cooperation with other enterprises. To grow and endure in an increasingly cutthroat and dynamic market, Mobile Food Truck industry must provide reasonably priced goods.

One of the main business strategies employed by manufacturers is to manufacture locally in order to reduce operating expenses in the global Mobile Food Truck industry to help customers and expand the market segment. In recent years, the Mobile Food Truck industry has provided some of the biggest benefits to medicine. Major players in the Mobile Food Truck market, including M&R Specialty Trailers and Trucks, Prime Design Food Trucks, Food Cart USA, APEX, Prestige Food Trucks, Shanghai Automotive Industry Corporation (Group) Corp, TAKI AUTO, and others, are engaging in research and development activities in an effort to boost market demand.

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Key Companies in the Mobile Food Truck market include

• M&R Specialty Trailers and Trucks


• Prime Design Food Trucks


• Food Cart USA


• APEX


• Prestige Food Trucks


• Shanghai Automotive Industry Corporation (Group) Corp


• TAKI AUTO


• Chongqing Sokon Industry Group Stock Co., Ltd.


• CHONGQING DIMA INDUSTRY CO.,LTD


• AUCMA

Mobile Food Truck Industry Developments

June 2022: Gorkovsky Avtomobilny Zavod (GAZ) unveiled new car types. An example of a vehicle using the GAZelle NN chassis is the food truck. There is flexibility in the layout of this unique and contemporary food truck built on a GAZelle NN chassis.

April 2023: Toyota Australia showcased a range of possible uses for its hydrogen fuel cell technology at a national hydrogen showcase in Melbourne with the FCV Express Diner, an inventive fuel cell food truck design.

June 2023: Hyzon Motors Inc. and Performance Food Group, Inc. (PFG), a major food and food service distribution company in North America, have entered into a five-fuel-cell electric vehicle (FCEV) sales agreement.

Mobile Food Truck Market Segmentation

Mobile Food Truck Product Type Outlook

• Unpowered Food Truck


• Electric Food Truck


• Gasoline Food Truck

Mobile Food Truck Applications Outlook

• Scenic Spot


• Street


• Others

Mobile Food Truck Regional Outlook

• 
  
  Middle East
  
  


• 
  
  Africa
  
  


• 
  
  Latin America