Burlingame, May 15, 2024 (GLOBE NEWSWIRE) -- According to Coherent Market Insights the global self-storage market is estimated to be valued at USD 57.76 Bn in 2024 and is expected to reach USD 83.67 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031. Self-storage refers to renting space in a building to store possessions or archive records. It offers both climate-controlled and non-climate controlled storage units ranging from small 5x5 storage units to large 10x30 storage units. Customers use these facilities to store household goods, vehicles, recreational vehicles and other belongings.
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Market Dynamics:
The self-storage market is witnessing high growth owing to increasing development of mini storage spaces across residential and commercial areas. Mini storage units usually vary from 25 to 1000 square feet and are useful for customers to store their excess luggage, seasonal items, vehicle or bicycle among others. These spaces require low investment and witness high occupancy rates. Furthermore, rising number of small households and busy lifestyle that leaves little personal space for storage at home is propelling the demand for self-storage units.
Self-Storage Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $57.76 billion |
| Estimated Value by 2031 | $83.67 billion |
| Growth Rate | Poised to grow at a CAGR of 5.4% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Types, By End User |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Hidden Housing Demand • The Portability of Possessions |
| Restraints & Challenges | • Stiff competition from existing players • Alternative storage options like garage rental |
Market Trends:
One of the prominent trends in the self-storage market is the development of climate controlled storage units. Climate controlled units help to protect items from humidity, excess heat or coldness. These units are in high demand for storage of delicate items such as documents, photos, electronics and other goods susceptible to climate variations. Furthermore, busy lifestyle and small living areas have increased the need for secure & accessible storage services which is fueling the construction of climate controlled self-storage units across regions.
With increasing small household sizes and limited storage solutions at home, the demand for portable and furniture storage units is rising. These units provide flexible and movable storage options for daily use items, furniture, seasonal goods and other belongings. Leading self-storage service providers are focusing on developing portable storage containers, cabinets and mobile shelving units to cater to changing customer needs.
Market Opportunities:
Millennials are switching jobs and homes more frequently than previous generations. They also value flexibility and experiences over possessions. As a result, more millennials are opting for self-storage units to store their unused goods and avoid burden of maintaining excess inventory. The flexibility and cost-effectiveness of self-storage caters well to the lifestyle of millennials and is driving growth in the self-storage industry.
Many small and medium sized businesses are using self-storage for archiving records, storing inventory, and housing equipment. As office space is costly, these businesses utilize storage units to free up their office space and reduce rental costs. Some businesses also use storage for temporary storage of assets during shifting of office location. The increasing use of storage by businesses for flexible space and recordkeeping is opening new avenues of growth for self-storage providers.
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Traditional storage facilities provided generic storage units of fixed sizes. However, customers nowadays demand storage spaces tailored to their customized needs. This has prompted storage providers to offer storage units and facilities with varied features like temperature-controlled units, units with separate access points, cabin like enclosures, and units with additional amenities. The ability to provide customized storage solutions as per customer needs is helping operators boost occupancy rates and revenues.
Key Developments:
September 2023: Extra Space Storage Inc. introduced a tenant insurance offering, the Savvy Storage Insurance Program (Savvy), to serve the self-storage industry. The program is expected to help property owners increase ancillary revenues and improve customer experience.
September 2023: Public Storage announced that the company had completed the acquisition of Simply Self Storage from Blackstone Real Estate Income Trust Inc. for USD 2.2 billion. The acquisition reflects Public Storage’s continued execution of its opportunistic growth strategy.
Market Key Takeaways:
Self-Storage market is anticipated to witness a CAGR of 5.24% during the forecast period 2023-2030, owing to growth in demand triggered by changing lifestyles and rapid urbanization. On the basis of user type, personal user segment is expected to hold a dominant position, accounting for around 60% market share due to the highly mobile and dual-income lifestyles of consumers.
On the basis of region, North America is expected to hold a dominant position over the forecast period, with the US alone accounting for over 70% of the regional market. Key growth drivers include space constraints in urban regions, higher disposable income and busy lifestyles.
Some of the major players operating in the self-storage market include Metro Storage LLC, Guardian Storage Solutions, CubeSmart LP, Life Storage Inc., Simply Self Storage, and StorageMart. These players are focusing on mergers and acquisitions to expand their geographic presence.
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Detailed Segmentation-
By Types:
- Climate-Controlled Units
- Portable Storage
- Traditional Storage Units
By End User:
- Commercial
- Industrial
- Residential
By Regional:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
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