Food truck are considered as the mobile version of the restaurant business. A food truck can move to any place were the customers are located. This makes it one of the hottest trends in the restaurant business. Changing consumers’ tastes and preferences and inclination towards consumption of street food and beverages has resulted to rise in demand for food truck business over the years. Manufacturers of these trucks are focused towards developing trucks keeping in mind the hygiene factor. The global food truck market has witnessed rapid changes due to the factors such as rising busy schedule, rise in working women population and inclination towards street food and rapid urbanization.
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The global food truck has been segmented on the basis of different types of application. On the basis of different application for serving type, the global food truck market has been segmented into food truck for Ice cream, barbeque food, snack food, beverage serve, halal food, fast food, fruits & vegetable seller and other. Food truck dominated the global market on account of the several strategies adopted by its business maker such as food truck interior innovation, serving style and adding new menu to taste. Demand for food truck has shown the fastest growth rate during the forecast period due to the rising trend in food on mobile van.
The global food truck market has been further segmented on the basis of types of vehicle. There are various kind of vehicle operated in food truck such as full size van, bus, ape, or any large or extra-large vehicle. Further, the segment is categorized on the basis of location premises for business such as commercial, institutional, streets and parks. The other segment include for food and beverage distribution according to the situation of disaster, government food truck for the defense, public gathering and concerts.
The global food truck market is mainly driven by the factors such as changing lifestyle, busy schedule and inclination towards different taste and menu. Additionally rising popularity of street food and beverages are increasing the demand for the global food truck market. However, consumer awareness on obesity related issues has been slowing down the growth of this market. Heavy calorie increase due to consumption of junk food is one of the factor that is restraining the global food truck market. Additionally, stringent government rules and regulations towards the use of food truck that applied with traffic laws, complaints made by tax paid restaurant, gaining parking space for business and climatic condition is restraining the global food truck market. Moreover, increasing focus on interior development among the key players has given rise to new opportunities in the global food truck market during the forecast period.
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In the region wise study, the global market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa and South America. North America and Europe has dominated the global food truck market is dominated. This region accounted to be the major share for food truck market due to the rising inclination among the consumers coupled with the changing consumer’s tastes and preferences towards different kind of menu served. Asia Pacific which comprises of China, India, Japan and Australia showed the fastest growth rate during the forecast period due to the high disposable income. Additionally, multi cuisine and rising popularity of fast food among the consumers are also resulting to the rise in growth of the food truck market in the Asia Pacific, South America and Africa.
Food truck market is comprised of several key players. Some of the major key participants include Roundup World Street Kitchen, Food Truck India, Food Truck Company B.V., Mallaghan, Prestige Custom Food Truck Manufacturer, EasyTracGPS, Inc., Roaming Hunger, Good Food Truck Company, and many more others.
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