The latest report by IMARC, titled “Self-Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, finds that the global self-storage market size reached US$ 51.32 Billion in 2021. A self-storage is a unit of space inside a building, or a large warehouse rented to tenants for storing personal possessions, generally for a short-term duration. It contains enclosed compartments generally available in medium, small, and large variants. It is encircled with concrete cinder blocks and corrugated metal and is attached by the renter’s lock and key. This space is majorly used for storing equipment and house decor, document archiving, additional inventory, relocating spaces, additional inventory, and decluttering homes. In recent years, self-storage has gained traction as it assists in systemically organizing items, decluttering, facilitating hoarding, ensuring safety, and offering reliable, secure and flexible storage facilities.
We are regularly tracking the direct of COVID-19 on the market, along with the indirect effect of the associated industries. These observations will further be integrated into the report.
Global Self Storage Market Trends:
One of the primary factors driving the market is the inflating income levels of the masses, along with rapid urbanization. Additionally, the extensive utilization of self-storage by individuals living in urban areas on account of the increasing incidents of them moving around often, and the rising prices of living spaces in cities with less wandering space are creating a positive market outlook. Other than this, there is a rapid increase in the population globally and families expanding with additional material possessions, thereby positively influencing the market growth. Besides this, self-storage is being integrated with the internet of things (IoT) and artificial intelligence (AI) to monitor the storage units, improve tenant experience, and enhance marketing effectiveness. In line with this, the sudden outbreak of coronavirus disease (COVID-19) has led to wide adoption of the remote work model, which in turn, is propelling the market growth. Furthermore, the increasing product adoption for commercial and business needs, including storing seasonal promotional material or printers, is strengthening the market growth. Other major growth-inducing factors include increasing product demand during house clearance activities, improving economic outlook, and expanding small businesses. Looking forward, IMARC Group is expecting the market value to reach US$ 71.37 Billion by 2027, expanding at a CAGR of 5.50% during the forecast period (2022-2027).
- Based on the storage unit size, the market has been divided into small, medium, and large storage unit.
- On the basis of the end use, the market has been bifurcated into personal and business.
- Region-wise, the market has been classified into North America (the United States and Canada), Asia- Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being 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.
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