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Self Storage Market on Track for Strong Growth, Estimated to Grow at 7.7% CAGR Through 2029
Self Storage
What Is the Expected CAGR for the Self Storage Market Through 2025?
The industry size for self storage has been experiencing a significant expansion lately. The market, which is set to increase from $63.58 billion in 2024 to $68.75 billion in 2025, is predicted to see a compound annual growth rate (CAGR) of 8.1%. Factors contributing to this positive trend during the historical duration include the surge in urbanization, escalating prices in real estate, shifting lifestyle trends, augmented commercial requirements, and the heightened understanding of storage expenses and advantages within the business sector.
What's the Projected Size of the Global Self Storage Market by 2029?
The self storage market is set to witness robust expansion in the upcoming years, reaching a value of $92.61 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 7.7%. This projected growth during the forecast period links to factors such as a rising need for non-traditional storage alternatives, an improving economic landscape, growth of small businesses, the necessity for climate control, and an overall increasing storage demand. Key trends anticipated during this forecast period encompass the integration of technology in self-storage facilities, an inclining choice for climate-regulated storage units, flexibility in lease choices, provision of extra services, and an increased request for smaller storage compartments.
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Top Growth Drivers in the Self Storage Industry: What's Accelerating the Market?
As the e-commerce sector expands, it is predicted to usher in significant growth within the self-storage market. The e-commerce sector includes online buying and selling of goods and services, utilizing digital platforms to engage a worldwide customer base and expedite transactions. Due to the increasing consumer inclination towards local and personalized products, as well as the ease and accessibility of online shopping, demand for the e-commerce industry is soaring. The self-storage market provides economical and adaptable solutions for e-commerce businesses to manage overstock, seasonal items, and business equipment. For instance, the Census Bureau of the Department of Commerce, a government department in the US, reported that e-commerce sales in the fourth quarter of 2023 soared by 7.5% compared to the same time in 2022. Thus, the expansion of e-commerce outlets is fueling the growth of the self-storage market.
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What Trends Will Shape the Self Storage Market Through 2029 and Beyond?
Leading firms in the self-storage market are embracing intelligent storage solutions to amplify the customer journey, increase security levels, and simplify their workflow. Smart storage refers to the amalgamation of cutting-edge technology with Internet of Things (IoT) sensors, automated inventory management systems, and radio-frequency identification (RFID) tracking, striving to maximize storage space, enhance accessibility, and bolster security measures inside storage facilities. For instance, Vantiva SA, a telecommunications company based in France, rolled out Vantiva Smart Storage in September 2023. This ground-breaking Wi-Fi and IoT software solution tailored for the self-storage industry facilitates the integration of ancillary devices and subsystems, simultaneously maintaining compatibility with various communication protocols. It furnishes 24/7 remote monitoring of critical assets equipped with alert functionalities. The platform harmonizes all technology subsystems - sensors, HVAC, and access control, into a singular dashboard, enabling operators to supervise operations, pinpoint inefficiencies, and react to alerts across multiple sites.
What Are the Main Segments in the Self Storage Market?
The self storage market covered in this report is segmented -
1) By Type: Climate-Controlled Units, Portable Storage, Traditional Storage Units
2) By Storage Unit Size: Small Storage Unit, Medium Storage Unit, Large Storage Unit
3) By Application: Household And Personal Storage, Business Storage, Vehicle And Car Storage
4) By End Users: Commercial, Industrial, Residential
Subsegments:
1) By Climate-Controlled Units: Temperature-Controlled Units, Humidity-Controlled Units, Combined Temperature And Humidity-Controlled Units
2) By Portable Storage: Mobile Storage Containers, On-Demand Storage Units
3) By Traditional Storage Units: Indoor Storage Units, Outdoor Storage Units, Drive-Up Storage Units
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Which Top Companies are Driving Growth in the Self Storage Market?
Major companies operating in the self-storage market are 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
Which Regions Will Dominate the Self Storage Market Through 2029?
North America was the largest region in the self-storage market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the self-storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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