Dublin, July 16, 2024 (GLOBE NEWSWIRE) -- The "2024 North American Portable Storage Rental Market" report has been added to ResearchAndMarkets.com's offering.
The North American Portable Storage Rental Market research report includes market size, growth rates, vertical end user split, competitive market share data and revenue forecasts from 2023-2030 for the United States & Canadian markets.
Undergoing significant transformation, the North American portable storage rental market is fueled by robust demand from construction, commercial, and industrial sectors. Projected to approach $5 billion by 2030 for the United States and Canada, the industry demands strategic navigation amid a landscape filled with both challenges and opportunities.
According to the report on the North American Portable Storage Rental Market, in 2023, the largest end user vertical was construction, closely trailed by the commercial segment. Urbanization, infrastructure development, and construction expansion are the driving forces reshaping North America's economic contours, highlighting the need for flexible storage solutions fostering market growth.
Portable storage containers are widely adopted across commercial settings, meeting diverse needs such as e-commerce distribution, retail support, and logistics optimization. This versatility underscores the containers' relevance across various business domains. Adaptable portable storage solutions are increasingly integrated into government, education, and the military sectors, addressing requirements for field hospitals and equipment storages, driving market expansion.
Despite dominance in the market by a few players, consolidation prevails as smaller market participants emphasize differentiation and innovation. One avenue is through the expansion of Value-Added Products and Services (VAPS). VAPS can maximize revenue through customizable solutions and targeted pricing strategies, enhancing competitiveness and revenue growth. An example is Mobile Mini's PRORACK by WillScot which, included in portable storage containers, can considerably expand their functionality. PRORACK introduces adjustable surfaces, enabling configurations for workstations, pipe racks, tool organizers, or general material storage. This adaptability enhances their indispensability across various industries and applications.
Heightened competition underscores the importance of strategic positioning in overcoming persistent supply chain delays and addressing regulatory compliance challenges spanning environmental, zoning, health, and safety regulations. Rental companies should recognize the cyclical nature of the industry and develop strategies for sustained growth and customer diversity.
Like many industries, the portable storage rental market experiences skilled labor deficits that impede operational efficiency and hinder equipment transportation and maintenance services. Accordingly, market participants must implement strategies for sustained growth and operational resilience. To capitalize on emerging opportunities amidst market uncertainties, exploring untapped markets and optimizing existing resources is vital. Flexibility and affordability are key to meeting evolving construction demands. Understanding market fluctuations and capitalizing on commercial sector opportunities, particularly with e-commerce businesses, is essential for sustainable growth.
The North American portable storage rental market presents promising opportunities amidst dynamic industry trends. Strategic adaptation, innovation, and regulatory compliance are critical for navigating challenges and capitalizing on growth prospects. Through flexibility, innovation, and strategic partnerships, the industry can thrive in an increasingly competitive landscape.
Major market participants include: WillScot Mobile Mini Holdings Corp, ATCO Ltd., McGrath RentCorp (acquired by WillScot Mobile Mini Holdings Corp in February 2024), United Rentals, Go Mini's, MI-BOX Mobile Storage & Moving. CubeSmart, Door to Door Storage, Inc., and UNITS Moving and Portable Storage, among others.
Report Scope
The study is a comprehensive analysis including market share splits by size (small, large, customized), power features (unpowered, electrified, solar powered, climate controlled), type (ConexBox, trailer mounted), end user group (construction, commercial, industrial, and government & institutions) and rental provider. Furthermore, profiles of key companies, growth drivers, restraints, challenges, and quotations from industry participants are also included in this analysis of the portable storage rental opportunity.
This study aims to provide a detailed analysis of the North American portable storage rental market along with qualitative trends for the year 2023. The market numbers included in this report represent revenues generated by companies operating the portable storage rental market in the U.S. and Canada. The base year for the study is 2023 and the forecast period is from 2023 until 2030.
This study captures the following information on the North American portable storage rental market:
- Market Size, Growth Rate, Revenue Forecasts (2023-2030)
- Growth Drivers & Restraints
- Market Data
- Quotes by Key Industry Participants
- Market Share Analysis
- Market Trends
Based on the mode of operation, portable storage rental units can be classified into:
- Small: These units measure below 10 feet in length. They are suitable for individuals, students, or small businesses with minimal storage needs. They are commonly used for storing personal items during moves, seasonal items, or excess belongings. These storage units usually fit comfortably into a single standard-sized parking space.
- Medium: Medium units usually measure between 10 feet and 25 feet in length. They cater to a broader range of customers, including small to medium-sized businesses and households. The 20-foot shipping container is widely used as the standard container range to transport raw materials like iron ore, rock, and heavy machinery. These type of containers are ideal for businesses with moderate inventory.
- Large & Customized: They are tailored for businesses requiring extensive storage capacities while also accommodating unique needs across various industries. Typically exceeding 25 feet in length, these solutions are targeted toward businesses with substantial storage requirements such as retailers, construction companies, or large-scale events. They are usually utilized for on-site storage of construction materials equipment or as temporary warehouses. Equipped with features like temperature control with HVAC systems insulation for protection against extreme conditions, shelving and racking systems for optimized storage, and enhanced security measures including lockboxes and advanced locking systems to prevent theft. Additionally, they offer customized sizes and configurations tailored to fit specific spatial requirements and may include modifications such as special ventilation systems, lighting fixtures, and access ramps to accommodate unique needs.
Companies Featured:
- ATCO Ltd.
- CubeSmart
- Door to Door Storage Inc.
- Go Mini's
- McGrath RentCorp. (acquired by WillScot Mobile Mini Holdings Corp in February 2024)
- MI-BOX Mobile Storage & Moving
- United Rentals
- UNITS Moving and Portable Storage Inc.
- WillScot Mobile Mini Holdings Corp.
Key Topics Covered:
I. Research Scope, Methodology
II. Segmentation by Type of Equipment
III. Segmentation by End User
IV. Executive Summary
- Major Data Points
- North American Portable Storage Rental Revenues, 2023 & 2030
- Main Countries
- Major Trends
- Market Drivers
- Market Restraints
- Main Market Participants
- Opportunities & Strategic Recommendations
V. Market Drivers
VI. Market Restraints
VII. Market Trends
- Increasing Rental Prices
- Diverse Applications
- Sustainability
- Innovation & Technology
VIII. Market Data
- North American Portable Storage Rental Revenues (2023-2030)
- North American Portable Storage Rental Market Revenues by Size
- North American Portable Storage Rental Market Revenues by Power Features (Unpowered, Electrified, Solar Powered, Climate Controlled)
- North American Portable Storage Rental Market Revenues by Type (ConexBox, Trailer Mounted)
- North American Portable Storage Rental Market Revenues by End User (Construction, Commercial, Industrial, and Government & Institutions)
IX. Competitive Landscape
- North American Portable Storage Rental Market Share by Company, 2023
- Competitive Factors
- Market Share by Country (United States & Canada)
- Quotes from the Industry
X. Company Profiles
- Willscot Mobile Mini Inc.
- McGrath RentCorp.
- ATCO Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/hz67a2
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