Growth opportunities in the Self Storage market look promising over the next six years. This is attributed to the increasing number of small-scale businesses followed by the continuous expansion of the e-commerce sector around the world. Moreover, the rapid urbanization and the growth of the living spaces in cities are further surging the market growth.
Self Storage Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The rising number of small-scale businesses along with the expansion of the e-commerce industry, are some of the major factors that are responsible for the growth of the global self storage market. According to the IBEF, the Indian e-commerce industry is expected to increase in the U.S. and become the second largest e-commerce market at the global level by 2034. It is expected to reach USD 99 billion by 2024, which amounted to USD 30 billion in 2019. In addition to this, the growth in urbanization is surging the growth of the self storage market share. There has been an increase in the urban population rate and the expansion of living spaces in cities with more renters who are shifting more frequently. London is an ideal example of this trend with around 8.6 million population in 2015, which is projected to touch more than 10 million by the end of 2030. According to the self storage market analysis, this will further boost the market’s demand.
End-Use Segment Drivers
Based on the end-use, personal storage is expected to witness a faster CAGR over the forecast period. The significant shift of the housing market towards downsizing to small and compact living space is a major factor that is surging the market growth. This has motivated the house owners to keep or discard objects that require space. In addition to this, in the developed nations, the buildings have self-storage lockers which is further contributing to the market growth.
Unit Size Drivers
Based on the unit size, the 10’x10′ unit size self storage space is expected to grow at a higher CAGR over the forecast period. This is attributed to the increasing demand for medium-sized storage space for storing various household items. This self storage unit is a fit a queen or king-size mattress, dresser, couch, refrigerator, motorcycle, or boxes. In addition to this, its ability to store the contents of an apartment and free up space at home is motivating people to opt for this unit size.
Self Storage Market’s leading Manufacturers:
- U-Haul International, Inc.
- Life Storage Inc.
- CubeSmart
- National Storage Affiliates
- Safestore
- Simply Self Storage
- StorageMart
- Prime Storage Group
- P. Carey Inc.
- Metro Self Storage
Self Storage Market Segmentation:
Segmentation by End-Use:
- Personal
- Business
Segmentation by Unit Size:
- 5’x5’ or smaller
- 5’x10’
- 10’x10’
- 10’x15’
- Others
Segmentation by Actual Rental Length:
- Less than 3 months
- 3 to 6 months
- 7 months to 12 months
- 1 to 2 years
- Longer than 2 years
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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