The growth of mobile trucks

Commercial Vehicle Truck Van Lorry

Food trucks have always been around on a limited basis, from the ice cream man who drove through your neighborhood when you were a kid to the corn dog truck at the state fair. It was a $650 million industry when food trucks began to become popular as a mobile restaurant alternative in mainstream daily life back in 2012. Food trucks are projected to be a $2.7 billion industry in 2017. Development in the food truck industry outpaced growth by 1.1% in the brick-and-mortar restaurant market. Currently, food trucks may have been called a fad.

Average industry growth 2015–2020: 7.5%

Over the five years to 2020, the Mobile Trucks market has grown and is one of the highest performing segments in the wider food service sector. The phenomenal growth of the industry is largely due to evolving customer tastes in favour of distinctive, gourmet cuisine at less expensive prices. Cities like Portland, OR, Los Angeles and Austin, TX, have tried to distinguish themselves through the creation of legislation and the creation of areas specifically built for mobile food trucks. With the trend of foreign countries, the mobile food truck industry has also become popular in Malaysia. As consumers have tried to increase their disposable income by indulging in small conveniences such as affordable gourmet food, these developments have been a boost for the Mobile Trucks industry.

Average industry growth 2020-2025

Although the best years of the Food Trucks industry might be behind it, food truck vendors will continue to perform well over the five years to 2025, benefiting from deeper pocket buyers who can spend on more costly gourmet food choices. In many main regions, the industry is expected to hit its saturation point, while tighter regulation would intensify an already intense atmosphere filled with creative and fierce competition. Nonetheless, during the outlook period, industry operators are expected to continue experiencing growth, as generally positive economic conditions and momentum from the gourmet food trend propel growth.