Market Size of Asia-Pacific Self Storage Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 30.10 Million square feet |
| Market Volume (2029) | 43.95 Million square feet |
| CAGR (2024 - 2029) | 7.86 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Self Storage Market Analysis
The Asia-Pacific Self Storage Market size in terms of lettable area is expected to grow from 30.10 Million square feet in 2024 to 43.95 Million square feet by 2029, at a CAGR of 7.86% during the forecast period (2024-2029).
The market is transitioning considerably since the business grows at different rates in different countries. This is based on parameters such as ownership/property type, land rate, and investment models.
- The growing population in Asia-Pacific, as indicated in the graph alongside the urbanization, public awareness, and the expansion of small enterprises, especially in countries like Hong Kong, Taiwan, Malaysia, and so on, are analyzed to boost the demand for self-storage facilities in the region.
- Additional factors driving the demand for self-storage facilities include e-commerce expansion, increased remote working and flexible office space, ongoing migration into cities, and the rapid development of renters.
- The growing living space costs in the region significantly contribute to the market growth rate. For instance, the living space per person in Hong Kong is much less compared to developed economies like the United States. To provide more context, according to the Census and Statistics Department of Hong Kong, in 2021, the average living space of public rental housing tenants in Hong Kong was 13.5 sq. m per person, and it has historically remained between 13 to 13.5 sq. m from 2017 to 2021.
- Urbanizable/developable land is both expensive and scarce. Building bye-laws and planning regulations are two ways that local governments control and manage development. Many cities have development control laws created years ago and have been modified haphazardly without enough empirical proof of their effects.
- COVID-19 has impacted several economies and industries; however, some industries continue to expand steadily. The self-storage industry has not been severely affected by the pandemic and has grown gradually with the consumer demand for storage. The past two years of the pandemic have seen enormous individual relocations and office space reductions. Due to this circumstance, the demand for self-storage has increased at an unprecedented rate.
