Self Storage Market Size 2021: Important Development, Industry Share and Growth Forecast to 2024

sagar.gJanuary 25, 2022

0 1 8 minutes read

Self Storage

The “Self Storage Market” Report provides a thorough examination of the market. The Self Storage Market research investigates how firms in the Self Storage Market are reacting to changing market conditions by examining major industry strategies. The report covers current top players are recognised and rated based on their market shares. It also includes data on leading manufacturers, market segmentation by types, applications, and geographic regions. Market capacity, production, consumption, sales, and revenue are all discussed in this Self Storage market report.

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Competitor Analysis:

Self Storage market covers the vision of competitor analysis by product types, market share, applications, sales and revenue. It covers the top key players like –

U-Haul International

Inc.

Life Storage Inc.

CubeSmart

National Storage Affiliates

Safestore Holdings PLC

Simply Self Storage

StorageMart

Prime Storage Group

W. P. Carey Inc.

Metro Storage LLC

SmartStop Asset Management LLC

World Class Capital Group LLC

National Storage REIT

All Storage

Amsdell Cos./Compass Self Storage

Urban Self Storage Inc.

SiteLink Software LLC

Market Overview:

The market was valued at USD 37.33 billion in 2018 and is expected to reach a value of USD 49.24 billion by 2024, at a CAGR of 134.79%, over the forecast period (2019-2024). The growth in this industry is expected to be positive, during the forecast period, due to the trends of increased urbanization and improved economic outlook, across regions, which have led to new business growth.

– Growing urbanization is one of the significant factors that are positively driving the market growth. The growing urban population mean smaller and increasingly expensive living spaces in cities and the creation of more renters who move around more frequently. London is a prime example of this trend, with its population hitting a new all-time high of 8.6 million in 2015 and projected to rise above 10 million by 2030.

– The improved economic outlook in countries, such as the United States, European and Asian counties are positively augmenting the market growth. Economic growth in the United States is constantly being driven forward by ongoing innovation, R&D, as well as capital investment. For instance, over the past several years, the size of self-storage space completed in the United States has risen from 18.5 million square feet in 2015 to over 36 million square feet by 2017.

– Government regulations are challenges the market’s growth. Storage operators have continued to receive nonspecific warnings from the Department of Homeland Security that their facilities can be used to store materials which could be unleashed in the terrorist attack.

– The Self Storage Association is the voice of the self-storage industry that serves as the industry’s primary advocate on government relations and legislative matters. Over the past decade, SSA spent millions of dollars influencing dozens of the relevant laws, including laws providing for licenses to sell tenant insurance, modernizing required methods of notice, authorizing reasonable late fees, and fighting the imposition of sales taxes on self-storage rents.

Key Market Trends:

Personal Storage Segment to Occupy the Maximum Market Share

– In the current scenario, homeowners and consumers are moving in an intriguing manner when it comes to their material possessions. Trends in the housing market favor downsizing to small, compact living spaces like condos, which prompt house owners to decide whether they’re keeping or ditching larger items. In addition, the houses are adopting modern, minimalist aesthetic like the Marie Kondo trend.
– Many of the baby boomers i.e., the population born between 1941-1965 are gearing up for retirement and looking into shifting from large houses to compact condo units.
– Globally, in many developed countries, a few building types have boomed like self-storage lockers. They’ve proven to be one of the highest revenue generating sources in real estate over the past half-century,
– Operators in the self-storage services industry have benefited from steady demand from Australian consumers over the past five years. Consumers that are relocating for employment or study often use industry services, as few competitive substitutes exist. Consumers in transit between primary places of residence are another source of industry demand.

Asia-Pacific to Witness the Highest Growth

– The increasing population density, along with the improving economic conditions across the Asia-Pacific region, in addition to the aging population and changing cultural norms, are the factors supporting the demand for self-storage in the region.
– Additionally, the emergence of the new players in the unexplored Asian regions, like India, adds significantly to the market growth. For instance, Orange self-storage company based in Bengaluru (considered to be the Silicon Valley of India) recently announced its plans to expand its presence into several other Indian cities, in order to capitalize on the growing demand for storage facilities.
– In Taiwan, owing to the rapid growth in online shopping and e-commerce sector, some vendors have rented their storage space in several locations to facilitate last mile delivery. Self-storage facilities in commercial areas are mostly designed for business use. Many prominent companies have also started using these services for expanding their business footprints across the region.

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Scope of the Report:

The self-storage industry is a sub-sector of the commercial real estate market. The personal storage segment of the self storage market is expected to register the highest share, considering the critical demand driver of the market, and urbanization.

Highlighted points of Self Storage Market Report:

Varying dynamics of the Self Storage industry.
Prospective changes in sales volumes and worldwide share growth in upcoming years
Self Storage market report recognizes the key drivers of growth and challenges of the key industry players.
Competitors profiles along with product description, overview, and business data.
Complete analysis of market risks, opportunities, limitations, and growth of the market.
Market driving and restraining factors.
Delivers information on the historical and current market size and the future potential of the market.
Self Storage market report provides comprehensive analysis of the market with respect to market dynamics, competitive analysis, and upcoming trends of market.

Key Benefits of this Self Storage Market report:

The Self Storage market report provides a comprehensive analysis of the current trends and future estimations in the world mining equipment market to identify the potential investment pockets.
The Self Storage market report presents information regarding key drivers, restraints, and opportunities with a detailed impact analysis.
Quantitative analysis of the current trends and forecasts to 2024 is provided to showcase the financial competency of the Self Storage market.
Porter’s Five Force model of the industry and SWOT analysis illustrate the potency of the buyers & suppliers.
Value chain analysis provides a clear understanding of the roles of stakeholders involved.

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Detailed TOC of Self Storage Market Report:

1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increased Urbanization Coupled with Smaller Living Spaces
4.3.2 Improved Economic Outlook in Many Regions Leading to Business Growth
4.4 Market Restraints
4.4.1 Government Regulations on Storage are Hindering the Market Growth
4.5 Value Chain Analysis
4.6 Industry Attractiveness – Porter’s Five Force Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 By User Type
5.1.1 Personal
5.1.2 Business
5.2 Geography
5.2.1 North America
5.2.2 Europe
5.2.3 Asia-Pacific
5.2.4 Rest of the World

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 U-Haul International, Inc.
6.1.2 Life Storage Inc.
6.1.3 CubeSmart, LP
6.1.4 National Storage Affiliates
6.1.5 Safestore Holdings PLC
6.1.6 Simply Self Storage
6.1.7 StorageMart
6.1.8 Prime Storage Group
6.1.9 W. P. Carey Inc.
6.1.10 Metro Storage LLC
6.1.11 SmartStop Asset Management LLC
6.1.12 World Class Capital Group LLC
6.1.13 National Storage REIT
6.1.14 All Storage
6.1.15 Amsdell Cos./Compass Self Storage
6.1.16 Urban Self Storage Inc.
6.1.17 SiteLink Software LLC