Mobile Food Vehicles Market To Expand At A CAGR Of 4.9% Between 2018 And 2026

According to a new market research report published by Credence Research, “Mobile Food Vehicles Market (by Type (Food Trucks, Food Carts, Food Trailers, and Food Bustaurants), by Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2018 -2026”, the global mobile food vehicles market is expected to expand at a CAGR of 4.9% during the forecast from 2018 to 2026.

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Market Insights

Mobile food vending industry has grown considerably over the last few years, becoming a multi-billion industry globally. The rapid growth experienced by the mobile food vending industry, especially food trucks is majorly attributed to consumer’s desire and appreciation for quick, quality, and fresh local food along with a sustainable business option for food vendors. In addition to help food vendors expand economic opportunities, mobile food vehicles are also seen as an option for enriching communities by improving access to goods and producing food otherwise not readily available through merchants. Economic uncertainties and strong competition in the food & QSR (quick service restaurants) industries have made food trucks, carts, and food trailers an appealing and profitable option for restaurateurs since they are an easier and eco-friendly alternative over starting a brick-and-mortar restaurant.

On the flip side, in spite of strong growth experienced over the last few years, unfavorable regulatory environment will pose challenge to the growth of the mobile food vehicle market. In order to sustain your business, mobile food vehicle owners are required to obtain costly permits, ensure timely vehicle maintenance and insurance, find public or private parking spaces, and deal with employee licenses among others.

Mobile Food Vehicles Market

Some of the leading players profiled in the study include Prestige Food Trucks, M&R Trailers & Trucks, Custom Concessions, Prime Design & Food Trucks, Food Truck Stop, LA Stainless Kings, Newark Food Trucks, and Caged Crow Fabrications among others. In order to sustain in the market, mobile food vehicle manufacturers compete on the basis of turnaround time, quality, and competitive pricing. Due to the overall growth in the mobile food vending industry across different work sites, the notion that ‘one size fits all’ is no longer applicable. This has pushed mobile food vehicle manufacturers to offer custom-made food vehicles capable of serving specific needs across multiple jobsites. Manufacturers are also striving to build strong associations with restaurant groups, corporations, universities, and government facilities among others so as to retain bulk of their revenue stream.

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