Fort Collins, Colorado, Dec. 11, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, The Self Storage Market was valued at USD 61.2 Billion in 2022 and is expected to reach USD 101.8 Billion by 2032 at a CAGR of 5.3%.
Self-storage facilities are becoming increasingly popular in the United States, serving as a safe and secure option for people who need to store personal or business belongings. These facilities offer rental spaces in various sizes, ranging from small lockers to large storage units. They provide both short-term and long-term rental options, depending on the needs of the renters.
Individuals downsizing or moving to smaller homes often require additional space to store their belongings, making self-storage an attractive option. Additionally, people who frequently change residences, such as students, often find self-storage facilities convenient and cost-effective.
To ensure the safety of the stored items, customers must purchase an insurance policy that covers the value of their belongings. This policy gives them peace of mind, knowing their items are protected from theft, fire, or damage. Rising incomes and attractive discounts have contributed to this growth, making self-storage a viable option for people of all income levels.
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Segmentation Overview:
The global self-storage market has been segmented into type, end-use, and region. Outdoor storage is popular in the self-storage market as it allows easy loading and unloading directly in open spaces. They come in different sizes to fit the user's needs. Self-storage services are used to store personal belongings while shifting or traveling to ensure their safety.
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Self-Storage Market Report Highlights:
- The global self-storage market growth is anticipated at a CAGR of 5.3% by 2032.
- Self-storage refers to renting or leasing storage space for personal or office belongings. It's in high demand due to smaller living spaces and downsizing.
- North America dominates the market, with the US holding a substantial share. Canada is also experiencing a growing demand for self-storage services.
- Some prominent players in the self-storage market report include Extra Space Storage, National Storage Affiliates Trust, CubeSmart and Subsidiaries, Lift Storage Inc., Public Storage, Safestore, U-Haul, Storage Asset Management, Simply Self Storage, and Metro Storage LLC.
Industry Trends and Insights:
- Extra Space Storage and Life Storage Inc. have merged to become the largest self-storage company in the United States, with operations in around 3,500 locations and 270 million square feet of rentable storage area.
- Public Storage has acquired Simply Self Storage to expand its base in 18 states, with more than half of the spaces based in the high-growth SunBelt market of the US.
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Self-Storage Market Segmentation:
By Type: Indoor Storage Unit, Outdoor Storage Unit, Climate Controlled Storage, and Others
By End-use: Personal and Business
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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