Self Storage Market

Self-Storage Market witnessed for USD 53.6 billion in 2022, and is expected to reach USD 80.3 Billion in 2030, growing at a robust CAGR of 5.2% during forecast period.

Self-Storage Market Overview

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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Major Self-Storage Market Drivers

The self-storage market is forecast to witness a notable growth over the coming years. Some of the major factors fueling the market growth includes growth of small-scale business, increasing research and development activities, rapid digitalization, and the expansion of the e-commerce industry. According to the IBEF, the Indian e-commerce sector will outshine U.S. and will account to be the second largest e-commerce market in the world by the end of 2034. With the expansion of living spaces and surging demand for self-storage software among end-users, the market is predicted to grow at a rapid pace. In addition, as per the self-storage market report, rapidly accelerating urban population has made living spaces more expensive in cities, which will increase the market demand. The growing interest of investors to invest in real estate asset class because of market expansion and rising public awareness, is expected to expand the self-storage market growth at both indoor and outdoor facilities. However, the material used by self-storage could be unleashed in the terrorist attack, thus, the growing safety concerns and strict government norms might hamper the self-storage market size.

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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 2021 – Life Storage decided to establish a three-story, 216-unit, climate-controlled building on the property to expand its business in West Seneca.
  • In 2020 – CubeSmart launched the CubeSmart Mobile App, a simple option for customers to manage their storage. With the help of CubeSmart Mobile App, customers can access their pay bills, set up AutoPay, gate code, check account balances and manage passwords, with their mobile phones.
  • 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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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)

    • By End-Use
    • By Unit Size
    • By Actual Rental Length
    • US Market All-Up
    • Canada Market All-Up

  • Europe Self Storage Market (Option 2: As a part of the free 25% customization)

    • By End-Use
    • By Unit Size
    • By Actual Rental Length
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Self Storage Market (Option 3: As a part of the free 25% customization)

    • By End-Use
    • By Unit Size
    • By Actual Rental Length
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Self Storage Market (Option 4: As a part of the free 25% customization)

    • By End-Use
    • By Unit Size
    • By Actual Rental Length
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) 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