July 22, 2024
Self-Storage Market

Self-Storage Market Is Estimated To Witness High Growth Owing To Increasing Demand for Secure and Convenient Storage Solutions

The global Self-Storage Market is estimated to be valued at US$ 50,421 million in 2023 and is expected to exhibit a CAGR of 5.24% over the forecast period of 2023 to 2030, according to a new report published by Coherent Market Insights.

Market Overview:
The self-storage market offers secure and convenient storage solutions for individuals and businesses. The need for self-storage arises from various reasons such as limited space in residential properties, growing urbanization, and the need for additional storage for businesses. Self-storage facilities provide advantages such as 24/7 access to stored items, flexibility in terms of storage duration, and the ability to store a wide range of items including furniture, vehicles, documents, and inventory.

Market Key Trends:
One key trend driving the self-storage market is the increasing adoption of self-storage by e-commerce businesses. The rapid growth of the e-commerce industry has led to a surge in demand for storage space to accommodate inventory. Self-storage facilities provide a cost-effective solution for e-commerce businesses to store their products securely without the need to invest in dedicated warehousing space. This trend is expected to drive the growth of the self-storage market during the forecast period.

Other key players in the Self-Storage Market Size  include 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.

PEST Analysis:

Political: The political factors impacting the self-storage market include government regulations and policies related to the real estate industry. These regulations can affect the construction and operation of self-storage facilities, which may vary across different countries and regions.

Economic: The economic factors influencing the self-storage market include factors such as GDP growth, disposable income, and unemployment rates. Economic factors play a crucial role in determining the demand for self-storage services as they impact consumer spending capacity.

Social: The social factors that affect the self-storage market include changing lifestyles, urbanization, and population demographics. A growing trend of individuals and families living in smaller living spaces, such as apartments and condos, is driving the demand for self-storage solutions.

Technological: Technological factors impacting the self-storage market include advancements in security systems and digital management tools. The integration of digital technology allows for enhanced security measures and improved operational efficiency in self-storage facilities.

Key Takeaways:

The global self-storage market is expected to witness high growth, exhibiting a compound annual growth rate (CAGR) of 5.24% over the forecast period from 2023 to 2030. This growth can be attributed to several factors, including the increasing urbanization and population density in developing countries, leading to a higher demand for storage solutions.

In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the self-storage market. The region’s strong economic growth, urbanization, and changing demographics contribute to the increased demand for self-storage services.

Key players operating in the self-storage market include Global Self Storage Inc., U-Haul International Inc. (Amerco), Urban Self Storage Inc., Life Storage Inc., and Amsdell Cos./Compass Self Storage, among others. These players have a significant market presence and contribute to the growth and development of the self-storage industry through their extensive network of facilities and customer-centric services.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it