In terms of revenue, the Global Food Truck Market is probable to reach USD 5.78 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 6.40% from 2022 to 2028.
The upsurge in gastronomy worldwide associated with the increasing preference of consumers among the age group of 16 to 35 years for the new meal experience over the conventional bricks and the motor restaurants experience is projected to drive the growth of the Food Truck Market during the forecast period. Moreover, the rising focus of the well-established commercial restaurants in introducing their food trucks to the very prime places is driving the growth of the Food Truck Market during the forecast period.
Key Highlights from the Report:
- The buses and van sub-segment are anticipated to grow at a substantial Compound Annual Growth Rate (CAGR). The buses and van segment are dominating and will continue to dominate the Food Truck Market throughout the forecast period. Moreover, the Food Truck operators are gradually adopting busses and vans owing to easy mobility and the lower costs as compared to customized or expandable trucks which are positively contributing to the growth of the buses and van segment in the Food Truck Market.
- The medium size sub-segment holds a substantial market share in 2021. The medium size segment is projected to retain its dominance during the forecast period due to the increasing demand for these trucks due to the easy mobility and flexibility to move the kitchen to various events like promotional festivals, parades, and carnivals.
- Asia Pacific is the fastest regional segment. Consumers in the Asia Pacific like Japan, China, and South Korea involves a higher preference for fast food from the streets, which is projected to increase the demand for food trucks market in the Asia Pacific in the years to come. The presence of well-established manufacturers in the Asia Pacific like Ante Trailers, and Hanyi Machine along with the increasing demand for street foods is expected to contribute to the growth of the Food Truck Market during the forecast period.
The increasing inclination of the consumers toward unique food concepts, and gourmet offerings are expected to propel the demand for the Food Truck Market in the years to come. In addition, the cost of starting a Food Truck is suggestively lesser than that of brick-and-mortar restaurants which are fueling the growth of the Food Truck Market during the forecast period. According to the study by Food Truck operator, Inc; the average cost of starting a food trunk business is ten times lower than the cost of opening a brick-and-mortar restaurant which is expected to drive the demand for food trucks during the forecast period.
According to the research gaining necessary Food Truck permits takes up to 37 days, and for restaurants, it goes up to 3 months. Accordingly, the low startup cost associated with the ease of gaining business permits is one of the prime factors contributing to the increase in demand for food trucks during the forecast period.
Europe is the largest market. Europe is accounted to hold the largest share of the Food Truck Market during the forecast period. The growth of this region is attributed to the growing passion for international cuisine, food festivals, and street food events which leads to an increase in demand for food trucks in the Europe region.