The Global Self-Storage Market is estimated to be valued at US$ 55,843.56 Mn or billion in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Self-storage facilities provide small storage units or lockers for private use, usually on a short-term basis. These facilities offer small spaces at affordable monthly rates for customers to store their household items, vehicles, and other personal belongings.
Market key trends:
One of the key trends in the Global Self-Storage Market is the high demand for convenience and flexibility. Busy lifestyles and frequent relocation of homes and offices have increased the need for temporary and flexible storage solutions. Self-storage units provide “grab and go” accessibility without long-term commitments. Customers have year-round access to their units at any time of the day or night based on their schedules. This On-demand accessibility and flexibility offered by self-storage facilities is driving their increasing popularity.
Segment Analysis
The self-storage market is witnessing increasing demand driven by rise in urbanization and increasing number of smaller households. There is growing preference of customers to rent a small space on monthly basis for storage of their possessions rather than keeping them in their small living spaces. Additionally, the flexibility and convenience offered by these self-storage units such as accessibility for 24/7, month-to-month contracts without long term obligations are supporting the market growth.
SWOT Analysis
Strength: Growing urbanization and nuclearization of families in majority of developed and developing nations is driving the demand.
Weakness: Heavy reliance on local economic conditions make some markets unpredictable.
Opportunity: Development of temperature controlled and climate controlled storage units offer new growth prospects.
Threats: Intense competition from new and existing players can squeeze profit margins.
Key Takeaways
The Global Self-Storage Market is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing urbanization. North America dominated the self-storage market in 2023, owing to high rates of urbanization and increasing number of smaller households in the region.
Regional analysis
North America dominates the self-storage market, accounting for over 40% share in 2023. The US dominates the North American as well as global self-storage market. Asia Pacific exhibits highest growth rate during the forecast period, driven by urbanization and changing demographics in developing economies of China and India.
Key players
Key players operating in the self-storage market are Global Self Storage Inc., U-Haul International Inc. (Amerco), Urban Self Storage Inc., Life Storage Inc., Amsdell Cos./Compass Self Storage, CubeSmart LP, All Storage, National Storage Affiliates Trust, National Storage REIT, Safestore Holdings PLC, (Great Value Storage) World Class Capital Group LLC, Simply Self Storage Management LLC, SmartStop Asset Management LLC, StorageMart, Metro Storage LLC, Prime Storage Group, and W. P. Carey Inc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it