The self-storage market has grown significantly, increasing from $59.03 billion in 2023 to $63.58 billion in 2024, with a compound annual growth rate (CAGR) of 7.7%. This growth is driven by factors such as urbanization, rising real estate prices, lifestyle changes, increased commercial demand, and growing business awareness of storage costs and benefits. The market is expected to continue its strong growth, reaching $86.05 billion by 2028, with a CAGR of 7.9%. This anticipated growth is attributed to rising demand for non-conventional storage options, a growing economic outlook, the expansion of small-scale businesses, demand for climate-controlled storage, and an increasing need for storage solutions. Key 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, and an increase in demand for smaller storage units.
Global Self Storage Market Key Driver
The growth of the e-commerce industry is anticipated to significantly impact the self-storage market. E-commerce, which encompasses online buying and selling, relies on digital platforms to reach a broad customer base and streamline transactions. This industry is expanding due to rising consumer demand for personalized products and the convenience of online shopping. Self-storage solutions offer e-commerce businesses flexible and cost-effective options for managing inventory and equipment. As reported by the Census Bureau of the Department of Commerce in February 2024, e-commerce sales rose by 7.5% in the fourth quarter of 2023 compared to the same period in 2022. This trend is expected to propel the self-storage market from $A billion in 2023 to $B billion in 2024, with growth anticipated to reach $C billion by 2028.
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Global Self Storage Market Segments
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
By Geography:The regions covered in the self storage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the self storage market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
Major Self Storage Industry Players
U-Haul, Public Storage, Extra Space Storage, CubeSmart, Life Storage Inc., National Storage Affiliates Trust, Shurgard Self Storage, Storage Solutions, Big Yellow Self Storage Company, Safestore, SmartStop Self Storage, StorQuest Self Storage, Metro Self Storage, StorageMart, Simply Self Storage, Prime Storage, iStorage, Westport Properties, Global Self Storage Inc., Lok'nStore, Central Self Storage, Metro Mini Storage
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Self Storage Market Overview
Self-storage refers to a service where individuals or businesses rent storage space to keep their belongings. These spaces vary in size and are typically rented on a month-to-month basis, providing a flexible solution for extra storage needs. The industry caters to a wide range of users, from people undergoing a move to businesses needing to store inventory or documents.
Self Storage Global Market Report 2023 provides data on the global self storage market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The self storage market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
