The self-storage industry has developed as a result of urbanization, lack of storage space in small homes, and expanded mobility in societies. Self-storage facilities provide secure storage units in various sizes to store belongings. Popular items kept in storage include household goods, vehicles, archives, inventory and equipment for small businesses. Self-storage allows customers to store possessions long-term, short-term or seasonal storage for an affordable monthly rental rate.
The global Self-Storage Market is estimated to be valued at US$ 55843.56 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the self-storage market is the development of innovative unit designs with high-density capabilities. This involves constructing multi-story facilities with climate-controlled vertical lift systems for efficiently storing units. This allows more storage spaces to be added per property compared to single-level designs. Operators are leveraging technologies such as smartphone apps, electronic locks and digital payments for providing superior user experience. Furthermore, companies are focusing on green building initiatives for their facilities to reduce environmental footprint and align with sustainability goals. This includes installing renewable energy systems, high-efficiency lighting and cooling/heating.
Porter’s Analysis
Threat of new entrants: The Global Self-Storage Market Demand has moderate barriers to entry due to the high capital requirements needed to build storage facilities.
Bargaining power of buyers: The bargaining power of buyers is moderate as they have many storage facility operators to choose from. However, switching costs are low.
Bargaining power of suppliers: The bargaining power of suppliers is low since there are many suppliers for raw materials and construction services used in self-storage.
Threat of new substitutes: There is a low threat of substitutes as self-storage services provide a unique value proposition of flexibility with users’ storage needs.
Competitive rivalry: Competition is intense as the market is saturated and fragmented with many regional and local players.
Key Takeaways
Global Self-Storage Market is expected to witness high growth over the forecast period of 2023 to 2030. The market is projected to reach a size of US$ 55843.56 Mn by 2030 from US$ 35341 Mn in 2023, growing at a CAGR of 4.0%.
Regional analysis
The North American region currently dominates the self-storage market and is expected to continue its dominance over the forecast period. This can be attributed to rising demand for storage spaces in the US and Canada, particularly in clustered urban areas. The Asia Pacific region is anticipated to exhibit the fastest growth during the forecast period owing to rising middle-class population and increasing urbanization in countries such as China and India.
Key players
Key players operating in the self-storage market are BASF SE, Dow Chemical Company, Borgers A.G., Faurecia S.A., Adient Plc, Lear Corporation, Eagle Ottawa, D.K. Leather Corporation Berhad. Key players are focusing on expanding their facilities and operational footprint through acquisitions and mergers to strengthen their global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Vaagisha Singh
Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups. LinkedIn