The Self Storage Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Self Storage Global Market Report 2024, The self-storage market size has grown strongly in recent years. It will grow from $59.03 billion in 2023 to $63.58 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to growing urbanization, rising real estate prices, lifestyle changes, increasing commercial demand, and growing business awareness of storage costs and benefits.
The self-storage market size is expected to see strong growth in the next few years. It will grow to $86.05 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to increasing demand for non-conventional storage options, growing economic outlook, expansion of small-scale businesses, climate control demand, and growing need for storage. Major trends in the forecast period include the adoption of technology in self-storage facilities, a growing preference for climate-controlled storage units, flexible leasing options, value-added services, rise in demand for smaller storage units.
The growth of the e-commerce industry is expected to propel the growth of the self-storage market going forward. The e-commerce industry involves the buying and selling of goods and services online, leveraging digital platforms to reach a global customer base and streamline transactions. The demand for the e-commerce industry is experiencing growth due to increasing consumer preference for personalized and local products, coupled with the convenience and accessibility of online shopping. The self-storage market provides the e-commerce industry with flexible, cost-effective solutions for managing excess inventory, seasonal stock, and business equipment. For instance, in February 2024, according to the Census Bureau of the Department of Commerce, a US-based government department, in the fourth quarter of 2023, e-commerce sales surged by 7.5% compared to the same period in 2022. Therefore, the growth of e-commerce platforms is driving the growth of the self-storage market.
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The self storage market covered in this report is segmented –
1) By Type: Climate-Controlled Units, Portable Storage, Traditional Storage Units
2) By Storage Unit Size: Small Storage Unit, Medium Storage Unit, Large Storage Unit
3) By Application: Household And Personal Storage, Business Storage, Vehicle And Car Storage
4) By End Users: Commercial, Industrial, Residential
Major companies operating in the self-storage market are adopting smart storage solutions to enhance customer experience, improve security, and streamline operations. Smart storage refers to integrating advanced technologies with Internet of Things (IoT) sensors, radio-frequency identification (RFID) tracking, and automated inventory management systems to optimize storage space, improve accessibility, and enhance security within storage facilities. For instance, in September 2023, Vantiva SA, a France-based telecommunications company, launched Vantiva Smart Storage. It is an innovative Wi-Fi and IoT software solution for the self-storage industry, allowing integration of third-party devices and subsystems while supporting various communication protocols. It enables 24-hour remote and secure monitoring of essential assets with alert features. The platform unifies all technology subsystems, including sensors, HVAC, and access control, into a single dashboard, enabling operators to oversee operations, identify inefficiencies, and respond to alerts across multiple locations.
The self storage market report table of contents includes:
1. Executive Summary
2. Self Storage Market Characteristics
3. Self Storage Market Trends And Strategies
4. Self Storage Market – Macro Economic Scenario
5. Global Self Storage Market Size and Growth
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32. Global Self Storage Market Competitive Benchmarking
33. Global Self Storage Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Self Storage Market
35. Self Storage Market Future Outlook and Potential Analysis
36. Appendix
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