Food Truck Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 4.15 Billion |
| Market Size (2029) | USD 6.87 Billion |
| CAGR (2024 - 2029) | 6.50 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Food Truck Market Analysis
The Food Truck Market size is estimated at USD 4.15 billion in 2024, and is expected to reach USD 6.87 billion by 2029, growing at a CAGR of 6.5% during the forecast period (2024-2029).
Over the medium term, an increase in the number of quick service restaurants (QSR) across the globe will likely increase the demand for food trucks during the forecast period. The rise in the cost of land rent to run a restaurant is likely to increase in popularity of food trucks during the forecast period.
The growing popularity of food trucks among commercial restaurants is likely to witness significant growth in the market. Commercial restaurants are launching food trucks across prime locations to explore the restaurant facilities. It is expected to propel the market during the forecast period. However, several countries witnessed significant growth in food services as the restrictions are normalized across the globe and are likely to witness substantial growth for the market during the forecast period. For instance,
- October 2022: Loblaw and Gatik launched driverless food delivery trucks in Canada. The company includes more than 2,400 stores across Canada. For now, a number of driverless trucks will service the Toronto area.
Further, the rising consumer trend toward fast food and beverages is anticipated to enhance the demand for food trucks. Rapid urbanization and an increasing number of women working for populations across the globe will likely create an opportunity for the food truck business during the forecast period.
Food Truck Market Trends
Increasing Consumption of Fast Food is Expected to Drive the Market
The demand for fast food products is increasing as people's lifestyle is changing. The trend is particularly prevalent among the student fraternity.
Processed food that is easily prepared and served in snack bars, hotels, restaurants, and college or school canteens as a quick meal or to be taken away. Fast food is typically less nutritionally valuable than other types of food. While any meal with a short preparation time can be considered fast food, the term most commonly refers to food sold in a restaurant, hotel, or store that contains precooked ingredients, frozen or pre-heated, and served to the customer in a packaged form from take-out/take-away.
Fast food restaurants were traditionally differentiated by their ability to serve food through a drive-through window. Stands or kiosks that do not provide shelter or seating are examples of outlets of fast food restaurants (also known as quick service restaurants). Food is shipped to each restaurant from central locations in franchise operations that are part of restaurant chains.
- McDonald's was the most valuable fast food brand in the world in 2022, with an estimated brand value of approximately USD 196.5 billion. Starbucks' brand value was approximately USD 61.7 billion that same year.
Further, shaved ice and coffee are rising concepts that only require a little space to thrive. Small-size trucks are the best option for running these businesses. The growing popularity of coffee trucks across the United States is expected to drive significant market growth during the forecast period. For example, the rise coffee truck debuted in St. Louis, Missouri, in July 2022. Across the street, the coffee truck will be serving pastries and coffee.
North America and Europe witnessing Major Growth
Europe is dominating the food truck market in terms of revenue in 2021 and is projected to grow during the forecast period. Europe witnessed several food festival events in 2021, likely increasing the demand for food trucks. For instance,
- In March 2022, the Europe Street Food Festival was held in Austria. The event witnessed several food exhibitions over the food trucks. It is likely to boost the market during the forecast period.
Europe witnessed significant demand for vans, which accounted for more than 90% of global van sales. Although the COVID-19 pandemic dragged down the European market, sales of electrically chargeable and hybrid electric vans increased in 2021. Such increases in electric vans are becoming popular for the food truck business, which is likely to witness significant growth in the market during the forecast period.
Food trucks are popular in North America owing to their low cost of capital and availability of prime locations to start food truck businesses across the country. The food truck business costs around USD 50,000 to USD 60,000 in the United States. The country witnessed revenue from the food truck business of around USD 2,50,000 to USD 5,00,000 per year. With the increase in revenue profit in business, people are attracted to start food truck businesses in the United States, which is likely to increase the demand for food trucks during the forecast period.
The United States currently operates more than 35,500 food trucks, which will likely increase the number of food trucks during the forecast period. California includes the highest number of food trucks, with 753 businesses operating in the state. Followed by Texas, with 549 businesses, then Florida, which includes 502 food truck businesses. The rise in tourism across these states is likely to witness significant growth for the food truck business in the current year and is witnessing significant growth during the forecast period.
Food Truck Industry Overview
The Food Truck Market is dominated by several key players such as Prestige Food Trucks, United Food Trucks United LLC, M&R SPECIALTY Trailers and Trucks, and many others. Several countries announced policies to start a food truck business across the country. For instance,
- August 2022: The Delhi government announced a first-of-its-kind food truck policy similar to that of the United States and the United Kingdom.
Food Truck Market Leaders
Prestige Food Trucks
United Food Trucks United, LLC
VS VEICOLI SPECIALI
Futuristo Trailers
M&R SPECIALTY TRAILERS AND TRUCKS
*Disclaimer: Major Players sorted in no particular order
Food Truck Market News
- June 2023: Volta Trucks announced a partnership with METRO Germany, a major international food wholesaler. The 16-tonne all-electric Volta Zero will be deployed for METRO in North Rhine-Westphalia. It will be expanded to Bavaria and Berlin as more vehicles join the fleet as METRO Germany plans to expand its delivery fleet sustainably.
- June 2023: Hyzon Motors Inc. and Performance Food Group, Inc. (PFG), one of North America's largest food and food service distribution companies, announced an agreement for five fuel-cell electric vehicles (FCEV).
- April 2023: Toyota Australia brought the FCV Express Diner, an innovative fuel cell food truck concept, to a national Hydrogen Showcase in Melbourne, demonstrating a variety of potential applications for its hydrogen fuel cell technology. The HiAce-based FCV Express Diner concept, a Caetano 33-seat commercial bus, a Toyota forklift, an EODev stationary power generator, and the Toyota Mirai FCV sedan were among the Toyota fuel cell vehicles on display.
- June 2022: Gorkovsky Avtomobilny Zavod (GAZ) introduced new vehicle models for goods delivery and retail. Among the vehicles presented is the food truck on the GAZelle NN chassis. The modern and distinctive design of the food truck on the GAZelle NN chassis includes a flexible layout. It allows the choice of customized dimensions depending on the needs of a particular business.
Food Truck Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Increasing Consumption of Fast Food is Expected to Drive the Market
4.2 Market Restraints
4.2.1 Increase in the Online Food Deliveries May Hamper the Growth of the Market
4.3 Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
5.1 Type
5.1.1 Vans
5.1.2 Trailers
5.1.3 Trucks
5.1.4 Others
5.2 Size
5.2.1 Up to 14 Feet
5.2.2 Above 14 Feet
5.3 By Application Type
5.3.1 Fast Food
5.3.2 Vegan and Meat Plants
5.3.3 Bakery
5.3.4 Others
5.4 Geography
5.4.1 North America
5.4.1.1 United States Of America
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.1.4 Rest of North America
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 India
5.4.3.2 China
5.4.3.3 Japan
5.4.3.4 South Korea
5.4.3.5 Rest of Asia-Pacific
5.4.4 Rest of the World
5.4.4.1 Brazil
5.4.4.2 Saudi Arabia
5.4.4.3 United Arab Emirates
5.4.4.4 South Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Prestige Food Trucks
6.2.2 United Food Trucks United, LLC
6.2.3 VS VEICOLI SPECIALI
6.2.4 Futuristo Trailers
6.2.5 M&R SPECIALTY TRAILERS AND TRUCKS
6.2.6 MSM Catering Manufacturing Inc.
6.2.7 The Fud Trailer Company
6.2.8 Food Truck Company BV
6.2.9 Foodtrucker Engineering LLP
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Food Truck Industry Segmentation
A food truck is a motorized vehicle such as a van or trailer from which food is sold that typically contains cooking facilities where the food is prepared.
The Food Truck Market is segmented by type, size, application, and geography. On the basis of type, the market is segmented into vans, trailers, trucks, and other types. By size, the market is segmented into up to 14 feet and above 14 feet. By application, the market is segmented into fast food, vegan and meat plants, bakery, and other application types. By geography, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the world. The report offers the market size for the Food truck market in terms of value (USD) for all the above segments.
| Type | |
| Vans | |
| Trailers | |
| Trucks | |
| Others |
| Size | |
| Up to 14 Feet | |
| Above 14 Feet |
| By Application Type | |
| Fast Food | |
| Vegan and Meat Plants | |
| Bakery | |
| Others |
| Geography | ||||||||
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Food Truck Market Research FAQs
How big is the Food Truck Market?
The Food Truck Market size is expected to reach USD 4.15 billion in 2024 and grow at a CAGR of 6.5% to reach USD 6.87 billion by 2029.
What is the current Food Truck Market size?
In 2024, the Food Truck Market size is expected to reach USD 4.15 billion.
Who are the key players in Food Truck Market?
Prestige Food Trucks, United Food Trucks United, LLC, VS VEICOLI SPECIALI, Futuristo Trailers and M&R SPECIALTY TRAILERS AND TRUCKS are the major companies operating in the Food Truck Market.
Which is the fastest growing region in Food Truck Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Food Truck Market?
In 2024, the North America accounts for the largest market share in Food Truck Market.
What years does this Food Truck Market cover, and what was the market size in 2023?
In 2023, the Food Truck Market size was estimated at USD 3.88 billion. The report covers the Food Truck Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Food Truck Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the key driving factors for the Food Truck Market?
The major factors driving the Food Truck Market are the increasing consumption of fast food and the rising trend of urbanization.
Food Trucks Industry Report
The global food trucks market, segmented into expandable, boxes, buses & vans, and customized trucks, is experiencing growth due to a surge in gastronomy and the rising preference of consumers, especially those aged 16-34, for unique meal experiences over traditional restaurant experiences. This growth is attributed to consumers' increasing inclination towards gourmet offerings and unique food concepts, the lower cost and quicker permit acquisition for starting a food truck business compared to a brick-and-mortar restaurant, and the launch of food trucks by established commercial restaurant chains at prime locations. Buses and vans hold the largest revenue share due to their easy mobility and lower costs, with the medium-sized food trucks segment accounting for the maximum share of the overall revenue. However, the small size segment is projected to register the fastest growth rate. While the fast-food segment made the largest contribution to the global market, the vegan & meat plant segment is expected to grow at the fastest rate. Europe holds the largest revenue share of the global market, but Asia Pacific is expected to witness the fastest growth rate. Mordor Intelligenceā¢ Industry Reports provide statistics for the Food Truck market share, size, and revenue growth rate, including market forecast and historical overview. A sample of this industry analysis is available as a PDF download.
