Market Size of Self Storage Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.37 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Self Storage Market Analysis
The Self-storage Market size is estimated at USD 58.26 billion in the current year and is expected to reach USD 72.15 billion by the end of the forecast period, registering a CAGR of 4.37% during the forecast period.
- The growth in this industry is expected to be positive during the forecast period, owing to increased urbanization and improved economic outlook across the regions. These factors have led to the growth of new businesses.
- The self-storage industry is a sub-sector of the commercial real estate market. The growth in this industry is expected to be positive during the forecast period due to increased urbanization and improved economic outlook, which have led to new business growth. Although self-storage facilities are widely available in mature markets, such as the United States and Western Europe, they remain a relatively new concept in Asian markets, such as China and India.
- The increasing rate of urbanization is one of the significant factors positively driving market growth. The rising urban population means smaller and increasingly expensive living spaces in cities with more renters who move around frequently. London was a prime example of this trend, with its population hitting a new all-time high of 8.8 million in 2021. The population is projected to be more than 10 million by 2030.
- On top of increased use by personal users, businesses have increasingly shown an interest in self-storage. Businesses are aware and concerned about their storage costs. Unlike traditional warehousing, the self-storage model offers an increased diversity of options for storage space size and pricing plans.
- Government regulations hinder the market's growth. The storage operators have continued to receive nonspecific warnings from the Department of Homeland Security that their facilities can be used to store materials that could be unleashed in a terrorist attack.
