The Self-Storage Market is estimated to be valued at US$ 55843.56 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
The industry provides convenient and affordable storage spaces for both commercial and residential use. It allows users to store their excess household and office items securely without the hassle of keeping them at their living places. The demand is growing especially from small businesses and consumers moving to new homes or downsizing.
Market Overview:
The self-storage market provides storage units in various sizes for both short-term and long-term storage needs. The storage units can range from small personal lockers to large storage rooms. The market offers climate-controlled and non-climate controlled units to store various items like furniture, files, records, seasonal belongings and other goods. The storage facilities are fully secured with CCTV surveillance and controlled access. The self-storage is gaining popularity as a cost-effective solution for temporary storage requirements for residential and commercial customers.
Market Dynamics:
The growth of the self-storage market is driven by increasing urbanization and mobility of population. High population growth in urban areas is leading to space constraints for storage in homes and offices. This has increased the demand for external storage facilities that provide flexible short-term and long-term storage solutions. Furthermore, growing disposable income and dual-income households have motivated consumers to shift to minimalist lifestyles by renting storage units for excess household items. The market is also benefitting from increasing small business activities that require additional storage space on temporary basis for inventory, documents and equipment. The availability of storage units in different sizes to suit varying needs is positively impacting the industry growth.
SWOT Analysis
Strength: Self-storage market provides flexibility and convenience to customers for storing their goods. It offers hassle-free storage solution at affordable prices. Growing urbanization and smaller living spaces have increased demand for self-storage units.
Weakness: Self-storage lacks security features compared to traditional warehouses. Valuables are more prone to theft and damage. Facility expansions require large capital investments and new locations need to be found.
Opportunity: Growth of e-commerce has led to rise in inventories, returned goods and packaging waste requiring storage facilities. Increase in migration, relocation for jobs and education enhances the need for temporary storage.
Threats: Intense competition among existing players can lead to price wars. Natural calamities like floods, fires can damage stored goods posing financial and legal risks.
Key Takeaways
The Global Self-Storage Market is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing urbanization and shrinking living space. The market size for 2023 is US$ 55843.56 Mn.
Regional analysis
The North American region dominates the self-storage market with United States holding majority of the share. Southeast Asia & Pacific are witnessing fastest growth on back of rising middle class population and changing lifestyles in developing countries of the region. Countries like India & Indonesia are emerging as lucrative markets.
Key players
Key players operating in the self-storage market are Global Self Storage Inc., U-Haul International Inc. (Amerco), Urban Self Storage Inc., Life Storage Inc., Amsdell Cos./Compass Self Storage, CubeSmart LP, All Storage, National Storage Affiliates Trust, National Storage REIT, Safestore Holdings PLC, (Great Value Storage) World Class Capital Group LLC, Simply Self Storage Management LLC, SmartStop Asset Management LLC, StorageMart, Metro Storage LLC, Prime Storage Group, and W. P. Carey Inc.
