Street Vending Cart Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030

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Street Vending Cart Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030

Status : February, 2021 | Automotive

Report Digest

Street vending carts refers to mobile set-up on the streets to offer food and other items to the people. These carts are available in two main types -- one allows the vendor to sit or stand inside and serve food other commodities through the window whereas in the other one, the vendor stands next to the cart and the room in the cart is only for the storage of  commodities. Manufacturers of these street vending carts are making them available in different colors, styles and designs to give it a unique look for attracting customers.

The streeet vending carts are available at vaious price ranges in the market, however, low-cost is an important parameter for buyers. These are affordable to small-scale vendors leading to increasing purchase of these carts globally.

Key  Growth Factors

The growing addiction of street food across the world is creating immense opportunities for street vending cart manufacturers. Youngsters are increasingly consuming street foods, beverages and other commodities favouring the vendors to improve their style of selling street commodities.

Rising population and unemployment in developing economies is another key factor. Street vending is adopted as a profession for selling food items, beverages and desserts. The street vendors  are investing in these carts for providing better services to the customers.

The street vending carts are available at low prices in the market making it affordable for poor vendors. They do not need to have shops or big appartments to sell their commodities to attract the customers and can easily earn their livelihood.

Key Restraints:  

Awareness regarding health consciousness among the customers is creating a negative impact on the growth of this market. The customers  perceive street items to be of poor quality and low hygiene.

COVID-19 Impact:

The spread of covid-19 disease has created a negative impact on the sales of street vending carts. Government initiatives to reduce intake of street products and maintain social distancing due to the spread of Covid-19 pandemic are restricting the growth and progress of this market.

Covid-19 outbreak has posed a serious impact on the growth of street vending cart market. As the disease has spread throughout the world leading to thousands of deaths, the World Health Organisation ( WHO) has declared a state of public health emergency. The restaurants, hotels and other food-serving places are given strict guidelines for conducting their operations and serving people. Proper use of masks, hand-sanitizers, checking body temperatures of visitors, using face-shields etc have been made mandatory by the government for proper health and safety of people. The pandemic has created a threat among the people globally about their well-being and safety. Most of the people are not preferring street foods as there are chances of spreading the disease which has drastically reduced the progress of this market. It has been predicted that the market for street vending carts will continue to face a decline in its growth till the rising cases of the virus comes down.

Region-Wise Forecast: 

The global market for street vending carts is likely to witness growth at a low CAGR due to COVID-19 induced behavioral changes. Asia Pacific is likely to remain a lucrative market due to increasing demand of street vending carts from India, Japan and China. Due to rising unemployment and poverty in India, a majority of population depends upon street selling activities to feed their families and ensure survival leading to rising demands for these carts.

On the other hand, the people of China are addicted to street food encouraging the vendors to improve their style of street selling. According to analysis, sales of street vending carts in China and India will make Asia Pacific one of the fastest growing markets globally.

In addition to Asia Pacific, the market for street vending cart is predicted to flourish in US owing to rising customer preferences for street foods  and employment opportunity for vendors. United States and Mexico are facing high demands for these vending carts providing favourable opportunities for the manufacturers in this market.

Hygiene concerns will mean that demand will continue to be muted in Europe, however, opportunities in Eastern Europe are likely to be more. Street vending is chosen as a profession by majority of population in Eastern Europe that creates demand for vending carts leading to tremendous rise in market growth in Europe.                                                                                

Market Segmentation:

By Type:

  •  Two-Wheels
  • Three Wheels
  •  Four Wheels
  •  Others

By Application:

  •  Food
  •  Commodities
  • Beverages
  • Others

By Region:

  • North America ( United States, Canada and Mexico)
  • Europe ( Germany, France, U.K., Russia and Italy)
  • Asia Pacific ( China, Japan, Korea, India and South- East Asia)
  • Middle East and Africa ( Saudi Arabia, UAE, Egypt and Nigeria)
  • South America (Brazil, Argentina and Colombia)

Competitive Landscape:

The global market for street vending carts is moderately consolidated.

.The manufacturers in this market are focusing on product and design innovations, collaborations, joint ventures, expansions, partnership agreements etc to combat the fastest increasing competition and capture global market share.

The key players in this market are Custom Wagon Wheels, Kozzi, Cambro, Vector Stock, Lakeside, Charles Gibson, Sai Structures, Strong bike, Scott Carter, SAIC-GM Wuling, Qingzheu Readroad New Energy, Wangkun Jia, DHgate, Jxcycle etc. Among these market players, Custom Wagon Wheels has introduced latest design in their carts with flexibally moving wheels to create an ease for the users. Their street vending carts are available in different colours to attract the customers.

Key Q&A

What is the outlook on street vending cart market?

The street vending cart market is set to grow at 5% CAGR through 2030

Which is the largest market for street vending cart?

Street vending cart sales are concentrated in China and India. However, Latin American companies also offer good prospects.

Which type of street vending cart is highest selling?

Two-wheeler street vending carts sell higher in China and India, whereas four-wheeler carts sell higher in US

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?