Self Storage Market Significant Demand Foreseen by 2028
A recent market intelligence report that is published by Data Insights Partner on the global Self Storage Market makes an offering of in-depth analysis of segments and sub-segments in the regional and international Self Storage Market. The research also emphasizes on the impact of restraints, drivers, and macro indicators on the regional and global Self Storage Market over the short as well as long period of time. A detailed presentation of forecast, trends, and dollar values of global Self Storage Market is offered. In accordance with the report, the global Self Storage Market is projected to expand by healthy CAGR of 4% over the period of forecast.
Market Insight, Drivers, Restraints, Opportunity & Trends of the Market:
Definition
Self Storage is one type of business or industry where storage spaces known as storage units in the form of rooms, containers, lockers etc. are rented out to the tenants on the basis of short-term or long-term contracts. The spaces are rented for both personal and commercial usages and most storage facilities offer insurance for purchases. The self storage spaces are safer than ware houses as the spaces are secured by locks which storage company employees do not have access to and can only be opened by the key or code given to the tenant of the space.
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Market Drivers
The growing need to store agricultural and industrial goods due to the fluctuating business cycle is the main drivers behind the growth of Self Storage Market. Just as there are times when sale is very high and it is necessary to store products beforehand so that supply can meet the demand at that time, there are times when sale is not very good and products need to be kept in the inventories. As a result storage spaces has become a necessity now-a-days. Sometimes storage spaces such as lockers are needed for personal usage too. All these reasons are driving the growth rate of Self Storage Market high.
Beside this, the rapid urbanization, growing population, rising per capita income and rising concern over storing things away for later use are also some of the key players behind the rapid growth of the Self Storage Market.
Aside from these, the governmentally granted permissions for the business and agricultural firms to be able to store as much as the firms want and rising foreign investments in the Self Storage sector are also adding fuel to this increasing market growth.
The regular introduction of different and brand-new types of Self Storage Spaces and Services with better technology, qualities and durability in different sizes and price range to satisfy the varying tastes of the customers is also attracting new consumers and thus helping the growth rate of Self Storage Market to rise high. The convenience and efficiency of self storage spaces is also helping in the expansion of the said market.
Market Restraints
The Self Storage Market has a huge potential. Though it is expanding very fast day by day, many things are preventing it from using its full potential. Some of these restraints are–
High prices of the raw materials, high installation, maintenance and repairing costs and high cost of R&D activities resulting into high rents of the premium quality end products.
Lack of security.
Unavailability of these products in many regions.
Lack of awareness about the availability and benefits of the Self Storage Spaces and Services in the developing countries.
Lack of penetration in the large scale industrial market as the industries have their own storage spaces.
Opportunities
The Residential Self Storage Segment has a lot of opportunities to grow in the forecast period as the concern over storing stuffs for future use is rising rapidly. The commercial sector will face a boom too but it would be relatively lower than that faced by the residential sector as it would be mainly caused by small and medium scale industries who do not have adequate space or resources to store their products at their company premises. The shot-term contractual rents sector will face relative higher growth rate as it is more preferred by the small scale sectors for its low costs.
Trends
During the forecast period, Asia Pacific followed by North America and Europe are expected to have the largest share of Self Storage Market. The demand for these products in the Asia Pacific region is driven by its expanding small and large scale industrial sector, growing population and rising disposable income among individuals. Rising concerns over proper storage of stuffs to make business sale and personal lifestyle easier are also driving the growth. It is also believed that on the basis of product type, the concrete rooms and metal lockers segment will have the largest share for its low prices, provided security and high demand and efficiency and convenience. The medium and small storage units are also expected to rise significantly in the said time for its low cost and high demand among small scale industries and individuals.
Segment Covered:
This market intelligence report on the global Self Storage Market encompasses market segments based on material type, product type, service type, location type, storage unit type, contract term, application, end usage, distributional channel and country.
By Material Type the global Self Storage Market has been divided into:
q Wood
q Metal
q Concrete
q Glass
q Plastics
q Others
By Product Type the global Self Storage Market has been divided into:
q Rooms
q Containers
q Lockers
q Others
By Service Type the global Self Storage Market has been divided into:
q Climate-controlled Self Storage
q Non-climate-controlled Self Storage
q DIY Moving Truck Rental
q Full-service Moving
q Others
By Location Type the global Self Storage Market has been divided into:
q Indoor
q Outdoor
By Storage Unit Type the global Self Storage Market has been divided into:
q High Storage Unit
q Medium Storage Unit
q Low Storage Unit
By Contract Term the global Self Storage Market has been divided into:
q Short-term Contracts
q Long-term Contracts
q Others
By Application the global Self Storage Market has been divided into:
q Household
q Vehicle
q Business
q Others
By End Usage the global Self Storage Market has been divided into:
q Personal
q Commercial
By Distributional Channel the global Self Storage Market has been divided into:
q Offline
q Online
q Others
By country/region, the global Self Storage Market has been divided into:
q North America (the U.S., Canada),
q Latin America (Brazil, Mexico, Argentina and other countries),
q Europe (Germany, France, the U.K., Spain, Italy, Russia, and other countries),
q Asia Pacific (India, Japan, China, Australia and New Zealand and other countries),
q Middle East and Africa (GCC, South Africa, Israel and Other countries).
Profiling of Market Players:
This business intelligence report offers profiling of reputed companies that are operating in the market. Companies such as:
q AECOM
q CubeSmart
q Life Storage, Inc.
q Metro Storage LLC
q National Storage Affiliates
q Prime Storage Group
q Public Storage
q Safestore Holding PLC.
q Simply Self Storage Management LLC
q StorageMart
q Urban Self Storage
q U-Haul International, Inc.
q World Class Capital Group LLC
q W.P.Carey Inc.
others have been profiled into detail so as to offer a glimpse of the market leaders. Moreover, parameters such as Self Storage Market related investment & spending and developments by major players of the market are tracked in this global report.
Report Highlights:
In-depth analysis of the micro and macro indicators, market trends, and forecasts of demand is offered by this business intelligence report. Furthermore, the report offers a vivid picture of the factors that are steering and restraining the growth of this market across all geographical segments. In addition to that, IGR-Growth Matrix analysis is also provided in the report so as to share insight of the investment areas that new or existing market players can take into consideration. Various analytical tools such as DRO analysis, Porter’s five forces analysis has been used in this report to present a clear picture of the market. The study focuses on the present market trends and provides market forecast from the year 2020-2028. Emerging trends that would shape the market demand in the years to come have been highlighted in this report. A competitive analysis in each of the geographical segments gives an insight into market share of the global players.
Few Recent Developments
CubeSmart
The North American real estate investment trust CubeSmart, established in 2004, has been investing a lot in self storage facilities. The company has recently opened up an 89,000 sq. ft. storage space of worth USD 7.5 million in Lantana, South Florida in September, 2018. The self-storage space has up to 750 spaces and is expected to grow more depending upon the demand. Depending on the size of the space, The storage units are priced between USD 68 to USD 363 a month. As of December, 2019 the company owns more than 524 properties in more than 24 states across the USA.
Life Storage Inc.
Headquartered in New York, USA, the real estate investment trust Life Storage Inc. is one of largest providers of self storage facilities in the entire world and has ranked 4th largest in USA in 2019. The company has acquired 18 properties in Arizona, Nevada, and Tennessee in June, 2017 and a property for USD 6.93 million in the Tampa in April, 2019 to expand its business. As of December, 2019, the company owns 854 properties in total. In July, 2018, the company has also announced to go digital to save the customers trouble of standing in line and wasting time by providing them a fully digital platform to inspect, select and pay the rent online.
Metro Storage LLC
The North American company Metro Storage LLC has been known as one of the most successful market players in Self Storage Market for the past 40 years. The company has recently announced the purchase of a more than 95,000 sq ft land in Minnesota in 2020. They also have started construction on a 100% climate-controlled self-storage facility with an offering of 908 storage units, LED lightings, modern lock and security systems and surveillance cameras etc. facilities. They have also opened up their 7th New Jersey Self Storage Facility Store in July, 2020 with both climate-controlled and non-climate-controlled offerings.
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Salient Features:
Ø This study offers comprehensive yet detailed analysis of the Self Storage Market, size of the market (US$ Mn), and Compound Annual Growth Rate (CAGR (%)) for the period of forecast: 2020-2028, taking into account 2019 as the base year
Ø It explains upcoming revenue opportunities across various market segments and attractive matrix of investment proposition for the said market
Ø This market intelligence report also offers pivotal insights about various market opportunities, restraints, drivers, competitive market strategies of leading market players, emerging market trends, and regional outlook
Ø Profiling of key market players in the world Self Storage Market is done by taking into account various parameters such as company strategies, distribution strategies, product portfolio, financial performance, key developments, geographical presence, and company overview
Ø The data of this report would allow management authorities and marketers of companies alike to take informed decision when it comes to launch of different type of models, government initiatives, marketing tactics and expansion, and technical up gradation
Ø The world market for Self Storage caters to the needs of various stakeholders pertaining to this industry, namely suppliers, manufacturers, investors, and distributors for Self Storage Market. The research also caters to the rising needs of consulting and research firms, financial analysts, and new market entrants
Ø Research methodologies that have been adopted for the purpose of this study have been clearly elaborated so as to facilitate better understanding of the reports
Ø Reports have been made based on the guidelines as mandated by General Data Protection Regulation
Ø Ample number of examples and case studies have been taken into consideration before coming to a conclusion
Reasons to buy:
v Identify opportunities and plan strategies by having a strong understanding of the investment opportunities in the Self Storage Market
v Identification of key factors driving investment opportunities in the Self Storage Market
v Facilitate decision-making based on strong historic and forecast data
v Position yourself to gain the maximum advantage of the industry’s growth potential
v Develop strategies based on the latest regulatory events
v Identify key partners and business development avenues
v Respond to your competitors’ business structure, strategy and prospects
v Identify key strengths and weaknesses of important market participants
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