Self Storage Market Size, Trends (2020 - 27) | Industry Report
Self Storage Market
The Self-Storage Market observed USD 46 billion in 2019, growing at a CAGR of 5.2% over the forecast period (2020-2027).
The factors driving the growth of Self Storage Market includes rapid growth in the e-commerce industry, increasing migration from rural areas to cities and growing construction of offices, public institutions and emerging need to store boxes or essentials ordered from online platforms. As per the report published by Bloomberg, the e-commerce market is projected to grow at a vigorous CAGR of 22.9% to reach $16,215.6 billion by the end of 2027, which will increase the Self Storage Market size in the coming years. Moreover, the growing population in urban areas and increasing economic activities in the emerging economies such as India, Indonesia, and South Korea, are some of the key factors augmenting the Self Storage Market share. As per Teriin, the urban population in India is predicted to increase from 410 million in 2014 to reach 814 million by 2050, which is expected to enhance the demand for self-storage facilities in the Indian Market in the approaching years.
However, the growth of Self Storage Market is hindered due to increased cost and concerns related to operational inefficiency.
The major players operating in the market are Simply Self Storage, StorageMart, Life Storage Inc., CubeSmart, Prime Storage Group, W.P. Carey Inc., U-Haul International, Inc., National Storage Affiliates, Safestore and Metro Self Storage, among others.
Unit Size – Segment Analysis
According to Self Storage Market Research, the 10’x10′ unit size segment is predicted to expand at significant CAGR over the forecast period owing to increasing demand for medium-sized storage space in the apartments and other residential areas.
End-Use – Segment Analysis
As per Self Storage Market Analysis, the personal storage is expected to grow at a promising CAGR during the forecast period attributed to shift in consumers preference to live in small and compact spaces and increasing number of buildings equipped with self-storage lockers.
Regional: Segment Analysis
As per Self Storage Market Report, the Asia-pacific region is anticipated to grow at health CAGR over the forecast period owing to increasing number of economic activities, rapid urbanization, growing number of start-ups and rising population density. According to World Population Review, Delhi emerges out as one of the fastest growing cities in the world, its population increased due to extensive migration from all over India and is projected to be 3rd largest after Mumbai and Tokyo, in terms of population density.
Market Segmentation
Global Self Storage Market by End-Use
Personal
Business
Global Self Storage Market by Unit Size
5’x5’ or smaller
5’x10’
10’x10’
10’x15’
Others
Global Self Storage Market by Actual Rental Length
Less than 3 months
3 to 6 months
7 months to 12 months
1 to 2 years
Longer than 2 years
Global Self Storage Market by Region
Asia PacificChina
Japan
India
Rest of APAC
North AmericaUnited States of America
Canada
EuropeUnited Kingdom
Germany
France
Spain
Rest of Europe
RoWBrazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: www.gmiresearch.com
Leave a Comment:
To notify a previous commenter, mention their user name: @peter or @peter-smith if there are spaces.
