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.
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.
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.