The latest research study “Self Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global self storage market size reached US$ 51.32 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 71.37 Billion by 2027 exhibiting a CAGR of 5.50% during 2022-2027.
Covid-19 Impact: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Self-storage represents a unit of space within a large warehouse or building rented to tenants for storing personal possessions, often on a short-term basis. It comprises individual enclosed chambers commonly available in medium, small, and large variants. Self storage is walled with corrugated metal and concrete cinder blocks, which are secured by the lock and key of the renter. This space aids in reducing clutter, facilitating hoarding, ensuring safety, systematically organizing items, offering reliable, flexible, and secure warehouse facilities, etc. As a result, self storage finds widespread applications in parking vehicles, document archiving, storing equipment and house decor, relocating spaces, additional inventory, and decluttering homes.
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Self Storage Market Trends and Drivers:
The escalating global population and the increasing demand for additional storehouses, on account of the expanding families with more material possessions, are among the primary factors driving the self storage market.
Besides this, the elevating product requirement for business and commercial needs, such as holding seasonal promotional material or printers that are not required regularly, is further augmenting the market growth. Moreover, the rising incorporation of artificial intelligence (AI) and the internet of things (IoT) to monitor self storage units, increase occupancy, improve marketing effectiveness, and enhance the tenant experience is also catalyzing the global market.
Apart from this, the development of innovative work models for warehousing facilities to cut out rents on spaces, owing to the sudden outbreak of the COVID-19 pandemic, is anticipated to propel the self storage market over the forecasted period.
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Self Storage Market Report Scope
|Market size value in 2021||US$ 51.32 Billion|
|Market forecast in 2027||US$ 71.37 Billion|
|Growth Rate||CAGR of 5.50% from 2022 to 2027|
|Base year for estimation||2021|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Storage Unit Size and End Use.|
|Regional scope||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
|Key companies profiled||Aecom, CubeSmart, Life Storage Inc., Metro Storage LLC (Find Local Storage), National Storage, Public Storage, Safestore, Simply Self Storage, StorageMart, U-Haul International Inc. (AMERCO), Urban Self Storage and World Class Capital Group LLC.|
|Market Dynamics||Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,|
|Customization purview||If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.|
The report has been segmented the market into following categories:
Breakup by Storage Unit Size:
- Small Storage Unit
- Medium Storage Unit
- Large Storage Unit
Breakup by End Use:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
List of Major Key Players:
The major players in the market are
- Life Storage Inc.
- Metro Storage LLC (Find Local Storage)
- National Storage, Public Storage
- Simply Self Storage
- U-Haul International Inc. (AMERCO)
- Urban Self Storage and World Class Capital Group LLC
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