Global Self Storage Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027- Growing adoption of self-storage devices and increasing urbanization are the major factor driving the growth of the Global Self Storage Market.
Global Self Storage Market Size is valued at USD 78.21 Billion in 2019 and is expected to reach USD 123.14 Billion by 2026 with a CAGR of 7.2% over the forecast period.
Self-storage refers to the storage space borrowed to renters often on a short-term basis. Self-storage includes renting out storage space occupants, typically for a short period of time also known as storage units. The self-storage services rent space to people or to businesses and deliver boxes, locks, and packaging materials for sale to permit the tenants to pack and safekeeping the supplies. Self-storage services rent space on a short-term basis to individuals, that is collecting household goods, almost all jurisdictions prohibit the space from being utilized as a home or to businesses, typically collecting additional inventory or archived documents.
Some services recommend locks, boxes, and packaging materials for sale to support renters in packing and safekeeping their supplies and may also extend truck rentals. Even Though there is ancient evidence of widely accessible storage in antique China, modern self-storage services did not start to seem up until the later 1960s.
COVID-19 pandemic has caused a substantial decline in self-storage market growth. Having operated from home for elevated sections of 2020, led up the demand for self-storage devices to cut out on rents on places. Many companies have agreed to perpetually shift toward a remote work model, and thus the requirement for office rentals is reducing.
The global self-storage market is segmented on the basis on end-use, unit size, actual rental length, and region & country level. Based on end-use, the self-storage market is classified into personal and business. Based on unit size, the market is categorized into 5’x5’ or smaller, 5’x10’, 10’x10’, 10’x15’, and others. Based on actual rental length, the market is characterized into less than 3 months, 3 to 6 months, 7 months to 12 months, 1 to 2 years, and longer than 2 years.
The regions covered in Self Storage Market report are North America, Europe, Asia-Pacific, and the Rest of the World. Based on country level, the market of Self Storage is subdivided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, Southeast Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Several factors are impacting the market positively including the increasing rate of urbanization. This is one of the leading factors significantly driving the self-storage market growth globally. The growing urban population generally means smaller and progressively more expensive living areas in cities with more residents who move across more frequently.
For instance; London is a crucial illustration of this trend, with its population reaching an all-time high-level of 8.6 million in 2015. This population is estimated to be higher than 10 million by 2030. Also, the urban population has increased nearly six-fold, from 751 million to almost 4.2 billion in 2018 worldwide.
Likewise, according to the European Commission, the urbanization level in Europe is projected to improve to nearly 83.7% in 2050. The blast of industrialization and production companies within a particular urban area gives an increase to further employment opportunities in safe storage globally. Therefore, the growing rate of urbanization is anticipated to intensify the safe storage market growth across the world.
In addition, the surge in robust developments in safe storage is another factor boosting the growth of the safe storage market globally. For instance; StorageMart announced to create about 135,00 net rentable qq. Ft. of climate-regulated self-storage units in 2018 in Missouri. Similarly, Life Storage Inc. launched “Rent Now” a fully digital rental platform in 2018. The clients can currently skip the counter by immediately selecting a storage unit and achieving rental agreements via the online platform.
These various developments in safe storage are creating significant demands for the devices and this is likely to enhance the safe storage market throughout the world during the forecast period.
However, the operational inefficiency and escalating cost may impede the growth of the self-storage market. In spite of that, an advanced economic outlook is expected to present considerable expansion opportunities for the key players of the self-storage market in the forthcoming years.
On a geographic basis, Asia-pacific is expected to show the fastest growth in the global self-storage market growth over the forecast period owing to escalating population density and the expanding economic conditions in the Asian countries. In addition, the developing trend of online shopping and the development of the e-commerce industry has permitted the vendors to rent their storage space in numerous locations. There has been an upsurge in the number of innovative players in the Asian market, which comprises India.
For example; Orange Self Storage, a first-of-a-kind self-storage company in India, revealed to open its storage services in Bengaluru and develop its presence in South and Central Bengaluru in 2018. Also, Self-Storage India launched the first of four new NCR facilities of self-storage in February 2021. Thailand-based I-Store self-storage associated with Thai Movers Ltd to boost the “integrated moving and storage” maintenance business in December 2018.
Europe is expected to capture a significant share of the global self-storage market owing to the increasing adoption of self-storage services in the region. For instance, according to the Self-storage Association United Kingdom, around 1,582 self-storage services are in the United Kingdom, from which nearly 381 services offer container storage and almost 765 offer business storage predominately.
Similarly, according to Safestore, in October 2019, the typical self-storage rate per sq. ft was about GBP 26.09 in the United Kingdom, as related to GBP 25.90 in October 2018. Also, the adoption of self-storage services among elderly people is also supplementing the growth of the self-storage market. According to a recent survey of the Self-storage Association United Kingdom, over 71% of the country's self-storage customers are 40-69 years old.
|Historical data||2015 - 2020|
|Forecast Period||2021 - 2027|
|Market Size in 2019:||USD 78.21 Billion|
|Base year considered||2019|
|Forecast Period CAGR %:||
|Market Size Expected in 2026:||USD 123.14 Billion|
|Tables, Charts & Figures:||175|
|Self Storage Companies||Access Self Storage, Big Yellow Self Storage Company, CubeSmart, Life Storage Inc., National Storage Affiliates, Public Storage, RedBox Storage, SafeStorage, Safestore, Shurgard, Simply Self Storage, StorageMart|
|Segments Covered||By End-Use, By Unit Size, By Actual Rental Length|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
• Rest of Europe
• South Korea
• Rest Of APAC
• Rest of South America
Middle East and Africa
• Saudi Arabia
• South Africa
• Rest Of MEA
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