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Self Storage Market 2024 - By Industry Outlook, Future Trends, Growth Analysis And Forecast To 2033
Self Storage Market
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According to The Business Research Company's, The self-storage market size has grown strongly in recent years. It will grow from $59.03 billion in 2023 to $63.58 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to growing urbanization, rising real estate prices, lifestyle changes, increasing commercial demand, and growing business awareness of storage costs and benefits.
The self-storage market size is expected to see strong growth in the next few years. It will grow to $86.05 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to increasing demand for non-conventional storage options, growing economic outlook, expansion of small-scale businesses, climate control demand, and growing need for storage. Major trends in the forecast period include the adoption of technology in self-storage facilities, a growing preference for climate-controlled storage units, flexible leasing options, value-added services, rise in demand for smaller storage units.
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Market Drivers and Trends:
The growth of the e-commerce industry is expected to propel the growth of the self-storage market going forward. The e-commerce industry involves the buying and selling of goods and services online, leveraging digital platforms to reach a global customer base and streamline transactions. The demand for the e-commerce industry is experiencing growth due to increasing consumer preference for personalized and local products, coupled with the convenience and accessibility of online shopping. The self-storage market provides the e-commerce industry with flexible, cost-effective solutions for managing excess inventory, seasonal stock, and business equipment. For instance, in February 2024, according to the Census Bureau of the Department of Commerce, a US-based government department, in the fourth quarter of 2023, e-commerce sales surged by 7.5% compared to the same period in 2022. Therefore, the growth of e-commerce platforms is driving the growth of the self-storage market.
Major companies operating in the self-storage market are adopting smart storage solutions to enhance customer experience, improve security, and streamline operations. Smart storage refers to integrating advanced technologies with Internet of Things (IoT) sensors, radio-frequency identification (RFID) tracking, and automated inventory management systems to optimize storage space, improve accessibility, and enhance security within storage facilities. For instance, in September 2023, Vantiva SA, a France-based telecommunications company, launched Vantiva Smart Storage. It is an innovative Wi-Fi and IoT software solution for the self-storage industry, allowing integration of third-party devices and subsystems while supporting various communication protocols. It enables 24-hour remote and secure monitoring of essential assets with alert features. The platform unifies all technology subsystems, including sensors, HVAC, and access control, into a single dashboard, enabling operators to oversee operations, identify inefficiencies, and respond to alerts across multiple locations.
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• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
U-Haul, Public Storage, Extra Space Storage, CubeSmart, Life Storage Inc., National Storage Affiliates Trust, Shurgard Self Storage, Storage Solutions, Big Yellow Self Storage Company, Safestore, SmartStop Self Storage, StorQuest Self Storage, Metro Self Storage, StorageMart, Simply Self Storage, Prime Storage, iStorage, Westport Properties, Global Self Storage Inc., Lok'nStore, Central Self Storage, Metro Mini Storage
Self Storage Market 2024 Key Insights:
• The self-storage market size is expected to see strong growth in the next few years. It will grow to $86.05 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%.
• Growth In E-commerce Boom Fueling Self-Storage Market Expansion
• Smart Storage With Advanced IoT Technologies Is Revolutionizing Self-Storage
• North America was the largest region in the self storage market in 2023
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