Market Size of South Korea Self-Storage Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 7.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South Korea Self-Storage Market Analysis
The South Korea Self-Storage Market is expected to register a CAGR of 7.5 % during the forecast period (2022 - 2027). People in South Korea work from home frequently and seek ways to declutter their houses. To make the room more usable, rarely used furniture and other items are being moved to storage facilities.
- The demand for self-storage in South Korea has been growing steadily. The land is becoming scarce as cities become more densely populated, and the average house size is shrinking. As a result, many consumers are beginning to turn to self-storage as an affordable solution to their lack of space. Moreover, it is expected that demand will remain, as storage is an essential need for many, whether for personal or business use.
- The self-storage market in South Korea has witnessed steady growth over the studied period. By 2023, the number of self-storage facilities in the region is expected to reach 226 with a lettable area of 5,13,246 sq. ft. The market sizing estimates reflect the number of self-storage facilities in the region and the space available for renting or leasing units to personal and business end-users for storage.
- Self-storage may continue to grow among South Korean consumers, both domestic and foreign. Customers are expected to benefit from improved convenience and accessibility as the number of facilities grows, without having to drive far to see their unit. Additionally, future storage facilities are anticipated to resemble laundromats in size, be completely automated, and be unattended as a result of the quick growth of technology.
- The country is technologically advanced and is able to produce modern and innovative storage solutions for its customers. Offering the ease of online storage unit reservations with the use of communication tools and movies is one of them. Customers have experienced reduced travel time and enjoy how simple it is to choose their favorite unit whenever and wherever they are. Therefore, convenience and ease of booking through technology are key drivers of the market's growth.
- The COVID-19 pandemic has acted as a catalyst in the market, adding to the demand for self-storage facilities in South Korea. Due to the rise in work-from-home culture, offices were forced to shut down and move their excess stuff to storage facilities. The rising cost of rent and house prices and shrinking rental places also played a vital role in driving the self-storage market in the region.
