Market Overview:
The Self-Storage Market refers to the storage facility industry that offers individuals and businesses the option to rent storage units for short or long-term storage of personal or business belongings. These storage units are secured and accessible to customers, providing a convenient solution for storing items that are not regularly used but still require safekeeping. Use cases of self-storage include storing furniture during a move, archiving business records, or storing seasonal items.
Market Dynamics:
The Self-Storage Market is driven by two main factors. Firstly, the growing need for storage space due to the expanding urban population and shrinking living spaces. As cities become more crowded, people often require additional space to store their belongings. Secondly, the rise in e-commerce and online retailing has created a demand for storage space for inventory and logistics purposes. With the increasing popularity of online shopping, businesses need self-storage units to store their products before they are shipped to customers. These drivers are expected to fuel market growth over the forecast period.
Segment Analysis:
The global Self-Storage Market Size can be segmented based on type, end-user, and region. In terms of type, the dominating sub-segment is personal storage. Personal storage refers to the storage of personal belongings such as furniture, household goods, and seasonal items. It is dominating the market due to the increasing trend of downsizing homes, urbanization, and the need for additional space to store personal items. Additionally, the rising trend of decluttering and minimalistic lifestyles is also contributing to the growth of personal storage.
PEST Analysis:
Political: The political landscape has a minimal impact on the self-storage market. However, government regulations regarding safety and security measures for self-storage facilities can influence the market.
Economic: The economic factors such as GDP growth, income levels, and disposable income play a crucial role in the self-storage market. As the economy grows, individuals and businesses have more spending power, leading to an increased demand for self-storage solutions.
Social: The social factors shaping the self-storage market include changing demographics, consumer behavior, and lifestyle trends. The growing urban population, increasing mobility, and the trend of downsizing homes are driving the demand for self-storage facilities.
Technological: Technological advancements in security systems, access control, and digital platforms have revolutionized the self-storage industry. It has made it easier for customers to access and manage their stored items, leading to increased convenience and efficiency.
Key Takeaways:
The global self-storage market is expected to witness high growth, exhibiting a CAGR of 5.24% over the forecast period. This growth can be attributed to increasing urbanization, changing demographics, and the need for additional storage space. The personal storage segment is dominating the market due to the rising trend of downsizing homes, urbanization, and minimalistic lifestyles.
In terms of regional analysis, North America is the fastest-growing and dominating region in the global self-storage market. This can be attributed to factors such as the high proportion of urban population, increasing mobility, and the presence of major market players in the region.
Key players operating in the self-storage market include Global Self Storage Inc., U-Haul International Inc. (Amerco), Urban Self Storage Inc., Life Storage Inc., Amsdell Cos./Compass Self Storage, CubeSmart LP, All Storage, National Storage Affiliates Trust, National Storage REIT, Safestore Holdings PLC, World Class Capital Group LLC (Great Value Storage), Simply Self Storage Management LLC, SmartStop Asset Management LLC, StorageMart, Metro Storage LLC, Prime Storage Group, and W. P. Carey Inc. These key players have a strong market presence and offer a wide range of self-storage solutions to cater to the growing demand.
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Global Self Storage Market is valued at USD 78.21 Billion in 2019 and expected to reach USD 123.14 Billion by 2026 with the CAGR of 6.7% over the forecast period.Growing urbanization is one of the significant factors driving the Global Self-Storage Market growth.Scope of Global Self Storage Market Analysis Report–Self-storage is a system by which individuals or businesses rent units to store their goods remotely, usually when they do not have the space on their own premises.
A self-storage business provides storage rooms, lockers and outdoor space for rent.
Instances of such things to store here are outdoor furniture, heavy tools, sporting equipment and automobiles.
It is a fast growing sector of small business and real estate and it can be highly profitable if get it right.
This storage business plan describes a proposed self-storage facility to be established in Westbury, New York involving the conversion of an existing building.Get Sample of This Report@ https://brandessenceresearch.com/requestSample/PostId/1299 Global Self Storage Companies–Global Self Storage industry analysis Report covers prominent players are like National Storage Affiliates, Life Storage Inc., U-Haul International, Inc., Metro Storage LLC, Simply Self Storage, Urban Self Storage Inc., World Class Capital Group LLC, CubeSmart, LP, Safestore Holdings PLC, StorageMart, Prime Storage Group, SiteLink Software LLC, SmartStop Asset Management LLC, W. P. Carey Inc., All Storage, National Storage REIT, Amsdell Cos. /Compass Self Storage and others.NewsU-Haul Introduced Self-Storage Scan & Go Technology in Response to COVID-19April 21st, 2020; Phoenix-based U-Haul International Inc., which operates more than 1,500 self-storage facilities across North America, is introducing contact-free shopping technology across its Canada and U.S. properties in response to the coronavirus (COVID-19) pandemic.
The company’s new Scan & Go system will allow self-storage tenants to use their own mobile device to scan products when they shop inside U-Haul retail showrooms and then check out without having to interact with staff, according to a press release.The regions covered in this Global Self Storage market report are North America, Europe, Asia-Pacific and Rest of the World.
