Increased urbanization and improved economic outlook is expected to drive market expansion shortly at a CAGR of 5.00% during the forecast period 2023 to 2032.

Market Research Future (MRFR) has published a cooked research report on the “Self-storage Market” that contains information from 2018 to 2032. The Self-storage Market is estimated to register a CAGR of 5.00% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global Self-storage Market— U-Haul International Inc., Life Storage Inc., CubeSmart LP, National Storage Affiliates, Safestore Holdings PLC, Simply Self Storage Management LLC, StorageMart, Prime Storage Group, WP Carey Inc., Metro Storage LLC, SmartStop Asset Management LLC, (Great Value Storage) World Class Capital Group LLC, All Storage, Amsdell Cos./Compass Self Storage, Urban Self Storage Inc., Global Self Storage Inc.

Market Highlights

The global Self-storage Market is accounted to register a CAGR of 5.00% during the forecast period and is estimated to reach USD 91.83 billion by 2032.

The growing demand for extra space and the uptick in relocation activities are propelling the self-storage market. Similarly, the rising need for secure and convenient storage alternatives, along with the struggle to manage clutter, underscores the significance of self-storage solutions in both personal and commercial contexts

Segment Analysis

The global Self-storage Market has been segmented based on the User Type.

Based on the user type, the market is segmented into personal and business. The personal segment was attributed to holding the largest market share in 2022. The performance of self-storage properties is predominantly influenced by the rising demand for additional storage space, driven by growing families with increased material possessions. Furthermore, the anticipated downsizing of baby boomers is expected to further boost the need for storage units. The surge in urban population is contributing to smaller and more costly living spaces in cities, leading to an uptick in the number of renters who relocate more frequently. The global urbanization rate was projected to reach 57 percent by 2022, with North America being the most densely populated region, where over four-fifths of the population resides in urban areas.

Regional Analysis

The global Self-storage Market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of the US and Canada. The Europe Self-Storage Market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Self-storage Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Self-storage Market comprises of Middle East, Africa, and Latin America.

The largest market share for the Self-storage Market was maintained by the North American regional sector. The demand for storage solutions and industrial automation propels the market growth. Key drivers in North America include an emphasis on reducing infrastructure expenditure, an increasing demand for business insights, and the availability of real-time data. The self-storage industry has emerged as one of the fastest-growing segments in the commercial real estate market since its inception 36 years ago. As of January 2023, the storage industry generates an annual revenue of USD 29 billion, with an estimated 51,206 storage facilities currently in operation in the United States, according to SpareFoot.com.

Moreover, the Europe market has been persistently growing over the forecast period. The significant growth in urbanization has had a lucrative impact on the market. In 2021, approximately 38.9% of the EU population resided in cities, with lower proportions living in towns and suburbs (35.9%) and rural areas (25.2%). The European Union's urban population in 2022 increased by 0.5% compared to 2021, reaching 337,964,991. The rise in urban population has led to smaller living spaces that are increasingly expensive in cities, prompting a higher number of renters to move more frequently.

The Asia-Pacific region is marked by high urbanization, consumerism, and lifestyle changes, all contributing to the growing demand for additional storage space. Urbanization remains a significant megatrend, with over 2.2 billion people, or 54% of the global urban population, residing in Asia. The region is projected to experience a 50% increase in urban population by 2050, equating to an additional 1.2 billion people. Notably, the market features 'drive-up' units, providing consumers the convenience of direct access to storage spaces for easy loading and unloading. Small businesses also play a role in driving demand, utilizing storage units for inventory or equipment, thereby increasing the commercial utilization of these facilities.

Furthermore, the rest of the world's Self-storage Market is divided into the Middle East, Africa, and Latin America. The continuous urbanization in these regions has resulted in smaller living spaces, intensifying the demand for extra storage. With the expansion of urban areas, individuals frequently encounter difficulties in organizing their belongings within confined living spaces. Moreover, the economic development and burgeoning businesses in urban hubs fuel the need for commercial self-storage solutions.

Key Findings of the Study

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  The global Self-storage Market is expected to reach USD 91.83 billion by 2032, at a CAGR of 5.00% during the forecast period.

  
  


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  The Asia-Pacific region accounted for the fastest-growing global market because the expansion in this region is influenced by increased public awareness, the proliferation of small businesses, and urbanization, contributing to a heightened demand for self-storage facilities. Factors such as dislocation, population density, divorce, death, and flourishing business activities primarily drive the demand for self-storage.

  
  


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  Based on user type, the personal segment was attributed to holding the largest market in 2022, with an approximate market share of 55–60%.

  
  


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  U-Haul International Inc., Life Storage Inc., CubeSmart LP, National Storage Affiliates, Safestore Holdings PLC, Simply Self Storage Management LLC, StorageMart, Prime Storage Group, WP Carey Inc., Metro Storage LLC, SmartStop Asset Management LLC, (Great Value Storage) World Class Capital Group LLC, All Storage, Amsdell Cos./Compass Self Storage, Urban Self Storage Inc., Global Self Storage Inc.