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