Self-Storage Market witnessed for USD 46 billion in 2019, growing at a robust CAGR of 5.2% during forecast period.

Introduction of the Global Self Storage Industry Report

Self storage involves renting out storage space tenants, mostly for a short duration of time. The self storage facilities rent space to people or to businesses and provide locks, boxes, and packaging supplies for sale to allow the tenants to pack and safekeeping their goods. The global self storage market mainly covers unit size ranging from 5’x5′ or smaller, 5’x10′, 10’x10′, 10’x15′, and other unit sizes.

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Market Dynamic

Key Drivers and Emerging Trends

One of the major factor that is contributing to the growth of the global self storage market size includes the growing number of small-scale business and the expansion of the e-commerce industry. As per the IBEF, the Indian e-commerce sector is projected to surpass the U.S. and become the second largest e-commerce market in the world by the end of 2034. It is projected to touch USD 99 billion by 2024, which was USD 30 billion in 2019. Moreover, the continuous growth in urbanization is driving the growth of the self storage market share in terms of revenue. There has been a rise in urban population rate followed by the expansion of living spaces in cities with more renters who are moving around more frequently. London is a perfect example of this trend with around 8.6 million population in 2015, which is expected to reach more than 10 million by 2030. As per the self storage market analysis, this will further propel the demand for self storage spaces.

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End-Use – Segment Analysis

Based on the end-use, the personal storage is projected to grow at a higher CAGR during the forecast period. The shift of the housing market towards downsizing to small and compact living space is one of the major factors that is contributing to the growth of the market. This has encouraged the house owners to keep or discard objects that need space. Moreover, in the developed countries, the buildings have self-storage lockers, which is one of the major profit generating sources in the real estate sector.

Unit Size – Segment Analysis

Based on the unit size, the 10’x10′ unit size self storage space is anticipated to witness a faster CAGR during the forecast period. This is mainly due to the strong demand for medium-sized storage space for storing different household items. This self storage unit can fit a queen or king-size mattress, dresser, couch, refrigerator, motorcycle, or boxes. Its ability to store the contents of an apartment and free up space at home is encouraging individuals to opt for this unit size.

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Regional – Segment Analysis:

Based on the region, the Asia-pacific is expected to grow at a faster CAGR over the forecast period. The rising population density and the improving economic conditions in the Asian countries are the two major factors that are surging the growth of the regional market. Additionally, the emerging trend of online shopping and the expansion of the e-commerce industry has allowed the vendors to rent their storage space in several locations. There has been an increase in the number of new players in the Asian market, which includes India. For example, in 2018, Orange Self Storage, a first-of-a-kind self-storage company with its headquarters in India, announced to open its storage facilities in Bengaluru and expand its presence in South and Central Bengaluru. Thus, this will have a positive impact on the growth of the market in the coming years.

Top Market Players

Some of the leading players operating in the market include U-Haul International, Inc., Life Storage Inc., CubeSmart, National Storage Affiliates, Safestore, Simply Self Storage, StorageMart, Prime Storage Group, W.P. Carey Inc., and Metro Self Storage, among others. 

Key Developments:

• • In 2018, CubeSmart opened a USD 7.5 million storage unit covered in 89,000 sq. ft. in Lantana, South Florida. This self storage space has 750 spaces, with a rental price of USD 68 per month to USD 363 per month, according to the size of the space.
  • In 2018, StorageMart announced its plan to develop 135,00 net rentable qq. Ft. of climate-controlled self storage units in Missouri.
  • In 2018, Life Storage Inc. launched “Rent Now” a fully-digital rental platform. The users can now skip the counter by directly choosing a storage unit and completing rental agreements through the online platform.

Segments covered in the Report:

The global self storage market has been segmented on the basis of end-use, unit size, actual rental length, and regions. Based on end-use, the market is segmented into personal and business. Based on unit size, the market is segmented into 5’x5’ or smaller, 5’x10’, 10’x10’, 10’x15’, and others. Based on actual rental length, the market is segmented into less than 3 months, 3 to 6 months, 7 months to 12 months, 1 to 2 years, and longer than 2 years. 

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Key questions answered in this research report:

• • At what pace is the global self storage market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global self storage market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Self Storage market?
  • Which end-use generated maximum revenues in 2019 and identify the most promising end-use during the forecast period?
  • What are the various unit size areas of the global self storage market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues (2019)	USD 46 billion
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By End-Use, By Unit Size, By Actual Rental Length, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	U-Haul International, Inc., Life Storage Inc., CubeSmart, National Storage Affiliates, Safestore, Simply Self Storage, StorageMart, Prime Storage Group, W.P. Carey Inc., and Metro Self Storage, among others; a total of 10 companies covered
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

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

• • North America Self Storage Market (Option 1: As a part of the free 25% customization)
    • North America Self Storage Market by End-Use
    • North America Self Storage Market by Unit Size
    • North America Self Storage Market by Actual Rental Length
    • US Self Storage Market All-Up
    • Canada Self Storage Market All-Up
  • Europe Self Storage Market (Option 2: As a part of the free 25% customization)
    • Europe Self Storage Market by End-Use
    • Europe Self Storage Market by Unit Size
    • Europe Self Storage Market by Actual Rental Length
    • UK Self Storage Market All-Up
    • Germany Self Storage Market All-Up
    • France Self Storage Market All-Up
    • Spain Self Storage Market All-Up
    • Rest of Europe Self Storage Market All-Up
  • Asia-Pacific Self Storage Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Self Storage Market by End-Use
    • Asia-Pacific Self Storage Market by Unit Size
    • Asia-Pacific Self Storage Market by Actual Rental Length
    • China Self Storage Market All-Up
    • India Self Storage Market All-Up
    • Japan Self Storage Market All-Up
    • Rest of APAC Self Storage Market All-Up
  • RoW Self Storage Market (Option 4: As a part of the free 25% customization)
    • RoW Self Storage Market by End-Use
    • RoW Self Storage Market by Unit Size
    • RoW Self Storage Market by Actual Rental Length
    • Brazil Self Storage Market All-Up
    • South Africa Self Storage Market All-Up
    • Saudi Arabia Self Storage Market All-Up
    • UAE Self Storage Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Self Storage Market All-Up

Major Players Operating in the Global Self Storage Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • U-Haul International, Inc.,
  • Storage Inc.
  • CubeSmart
  • National Storage Affiliates
  • Safestore
  • Simply Self Storage
  • StorageMart
  • Prime Storage Group
  • P. Carey Inc.
  • Metro Self Storage