Global Residential Outdoor Storage Market Overview
The Residential Outdoor Storage Market Size was estimated at 87.84 (USD Billion) in 2022.The Residential Outdoor Storage Industry is expected to grow from 94.7(USD Billion) in 2023 to 186.4 (USD Billion) by 2032. The Residential Outdoor Storage Market CAGR (growth rate) is expected to be around 7.81% during the forecast period (2024 - 2032).
The residential outdoor storage market is seeing a surge in demand as homeowners seek solutions to organize their outdoor spaces and protect their belongings from the elements. A growing emphasis on outdoor living and the trend toward smaller homes with limited storage have spurred market growth. Additionally, the rising popularity of smart home technology has led to the development of innovative outdoor storage solutions that offer remote access and security features.
Key market drivers include the increasing popularity of outdoor living areas, the growing number of homeowners with limited space, and the rising demand for durable and weather-resistant storage solutions. Homeowners are investing in high-quality outdoor furniture, grills, and other accessories, driving the need for sturdy and weatrproof storage options.
Opportunities for market expansion lie in the development of space-saving and multi-functional storage solutions, as well as the integration of smart technology. Manufacturers are focusing on creating compact designs that maximize storage capacity in small spaces. Smart outdoor storage solutions offer features such as remote locking, temperature monitoring, and security alerts, enhancing convenience and peace of mind for homeowners.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The growing popularity of outdoor living spaces is a major driver of the residential outdoor storage market. Homeowners are increasingly investing in their outdoor areas, creating comfortable and stylish spaces for entertaining, relaxing, and dining. This has led to a surge in demand for outdoor storage solutions, such as sheds, gazebos, and pergolas, to store items like furniture, tools, and equipment. The increasing popularity of outdoor living spaces is expected to continue to drive the growth of the residential outdoor storage market in the coming years. According to a report by the American Society of Landscape Architects (ASLA), the outdoor living market is expected to reach $19.6 billion by 2025.This growth is being driven by a number of factors, including the increasing popularity of staycations, the rising cost of housing, and the growing desire for homeowners to create outdoor spaces that are both functional and stylish. The residential outdoor storage market is benefiting from this trend, as homeowners are increasingly looking for ways to store their outdoor furniture, equipment, and other items. This has led to a surge in demand for sheds, gazebos, and pergolas, which can provide both storage and shelter from the elements. The increasing demand for outdoor living spaces is a major opportunity for the residential outdoor storage market.By providing innovative and stylish storage solutions, manufacturers can capitalize on this growing trend and drive growth in the coming years.
The rising disposable income of consumers is another key driver of the residential outdoor storage market. As consumers have more money to spend, they are increasingly investing in their homes and outdoor spaces. This has led to a surge in demand for outdoor storage solutions, such as sheds, gazebos, and pergolas, which can provide both storage and style to outdoor areas. According to a report by the National Retail Federation (NRF), consumer spending on home improvement is expected to reach $430 billion in 2023.This growth is being driven by a number of factors, including the rising disposable income of consumers, the increasing popularity of home improvement shows, and the growing desire for homeowners to create outdoor spaces that are both functional and stylish. The residential outdoor storage market is benefiting from this trend, as consumers are increasingly looking for ways to store their outdoor furniture, equipment, and other items. This has led to a surge in demand for sheds, gazebos, and pergolas, which can provide both storage and shelter from the elements. The rising disposable income of consumers is a major opportunity for the residential outdoor storage market.By providing innovative and stylish storage solutions, manufacturers can capitalize on this growing trend and drive growth in the coming years.
The growing popularity of online shopping is also driving the growth of the residential outdoor storage market. Consumers are increasingly purchasing outdoor storage solutions online due to the convenience and wide selection of products available. This has led to a surge in demand for online retailers that specialize in outdoor storage products. According to a report by the National Retail Federation (NRF), online sales of home improvement products are expected to reach $290 billion in 2023.This growth is being driven by a number of factors, including the rising popularity of online shopping, the increasing convenience of online retailers, and the growing selection of products available online.The residential outdoor storage market is benefiting from this trend, as consumers are increasingly purchasing outdoor storage solutions online. This has led to a surge in demand for online retailers that specialize in outdoor storage products. The growing popularity of online shopping is a major opportunity for the residential outdoor storage market.By providing a convenient and wide selection of products, online retailers can capitalize on this growing trend and drive growth in the coming years.
The Residential Outdoor Storage Market is segmented by storage capacity, with categories including 'Less than 10 kWh', '10-20 kWh', '20-50 kWh', and 'Above 50 kWh'. In 2023, the 'Less than 10 kWh' segment held a significant market share, driven by the affordability and widespread adoption of small-scale residential storage systems. However, the '10-20 kWh' and '20-50 kWh' segments are projected to witness robust growth in the coming years as homeowners seek higher energy storage capacities to power their homes and reduce their reliance on the grid.The 'Above 50 kWh' segment is expected to gain traction in the long term, as advancements in battery technology enable the development of larger and more efficient storage systems. This segment is particularly relevant for regions with high renewable energy penetration, where surplus energy can be stored and utilized during peak demand periods. The growth of the Residential Outdoor Storage Market is largely influenced by government incentives, technological advancements, and increasing consumer awareness of the benefits of energy storage. As the industry matures, market participants are focusing on developing innovative solutions, such as smart energy management systems and integrated storage-plus-solar offerings, to cater to the evolving needs of homeowners.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Battery Chemistry The Residential Outdoor Storage Market is segmented by battery chemistry into lithium-ion, lead-acid, sodium-ion, and flow batteries. Among these, lithium-ion batteries dominate the market, accounting for over 60% of the global revenue in 2023. This is primarily due to their high energy density, long cycle life, and low maintenance requirements. Lead-acid batteries follow lithium-ion in terms of market share, owing to their low cost and wide availability. However, lead-acid batteries have a shorter lifespan and are heavier than lithium-ion batteries.Sodium-ion batteries are a relatively new technology that is gaining traction in the residential outdoor storage market due to their low cost, long cycle life, and high safety. Flow batteries are another promising technology that is expected to witness significant growth in the coming years. They offer advantages such as high energy density, long lifespan, and low maintenance requirements.
The Residential Outdoor Storage Market is segmented by application into residential backup, off-grid power, peak shaving, and grid services. The residential backup segment is expected to account for the largest share of the market in 2023 due to the increasing demand for backup power systems in the event of power outages. The off-grid power segment is expected to grow at the highest CAGR during the forecast period due to the growing popularity of off-grid living and the increasing availability of solar and wind power systems. The peak shaving segment is expected to account for a significant share of the market in 2023 due to the increasing demand for energy storage systems to reduce peak demand charges.The grid services segment is expected to grow at a steady CAGR during the forecast period due to the increasing demand for energy storage systems to support the grid and provide ancillary services.
The Residential Outdoor Storage Market is expected to reach a valuation of USD 125.2 Billion by 2028, expanding at a CAGR of 8.5% during the forecast period. Regionally, North America is expected to dominate the market, accounting for a revenue share of over 35% in 2023. The region's strong construction industry and increasing demand for outdoor living spaces are driving market growth. Europe is another key market, with a revenue share of around 30% in 2023. The region's growing focus on sustainability and increasing disposable income are contributing to market expansion.APAC is projected to witness the fastest growth over the forecast period, with a CAGR of over 10%. The region's expanding construction sector and rising urbanization are fueling market growth. South America and MEA are expected to contribute a relatively smaller share of the global market, but both regions are expected to experience steady growth in the coming years.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Major players in the Residential Outdoor Storage Market industry are continuously focusing on developing and innovating new products to cater to the evolving needs of their customers. For example, in 2021, Rubbermaid introduced a new line of weather-resistant outdoor storage bins with a locking lid for added security. Leading Residential Outdoor Storage Market players are also investing in expanding their distribution networks to reach a wider customer base. For instance, Suncast Corporation recently opened a new distribution center in the United States to cater to the growing demand for outdoor storage products in the region.A notable competitor in the Residential Outdoor Storage Market is Lifetime Products, Inc. Headquartered in the United States, Lifetime Products is a leading manufacturer of outdoor storage solutions, including sheds, storage boxes, and lawn and garden products. The company has a global presence with operations in North America, Europe, and Asia. Lifetime Products is known for its innovative products and commitment to quality. Another key player in the Residential Outdoor Storage Market is The Home Depot, Inc. Based in the United States, The Home Depot is the world's largest home improvement retailer. The company offers a wide range of home improvement products, including outdoor storage solutions. The Home Depot has a strong distribution network with over 2,300 stores in the United States, Canada, and Mexico. The company's outdoor storage products are popular among homeowners due to their durability and affordability.
The Residential Outdoor Storage Market is projected to reach USD 186.4 billion by 2032, exhibiting a CAGR of 7.81% from 2024 to 2032. Rising disposable income, increasing urbanization, and the growing popularity of outdoor living spaces are driving market growth. Key industry participants include Suncast, Rubbermaid, Lifetime Products, Keter, and Arrow Storage Products. Recent developments include Suncast's launch of a new line of weather-resistant outdoor storage sheds and Keter's acquisition of STEP2, a leading manufacturer of outdoor storage solutions. These developments indicate a competitive and evolving market landscape.
| Report Attribute/Metric | Details |
| Market Size 2022 | 87.84(USD Billion) |
| Market Size 2023 | 94.7(USD Billion) |
| Market Size 2032 | 186.4(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 7.81% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2022 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Keter, Rubbermaid, Aspen Shed, Craftsman, Palram, Lifetime Products, Suncast, Arrow Shed, American Outdoor Storage, Yard Butler, Hoosier, Duramax, Sunjoy, Polywood, Sterilite |
| Segments Covered | Storage Capacity, Battery Chemistry, Application, Regional |
| Key Market Opportunities | Rising urbanization, smaller living spaces Increasing demand for home improvement and outdoor living The growing popularity of online shopping and home delivery services Technological advancements in smart storage solutions Increased disposable income and consumer spending |
| Key Market Dynamics | Growing demand for outdoor living spaces Rising disposable income levels Increasing trend towards home improvement Growing popularity of smart home technology Shift towards sustainable storage solutions. |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Residential Outdoor Storage Market is expected to reach a valuation of 94.7 billion USD by 2023, expanding to 186.4 billion USD by 2032, exhibiting a CAGR of 7.81% during the forecast period.
North America is anticipated to dominate the Residential Outdoor Storage Market, capturing a substantial market share due to the rising popularity of outdoor living spaces and the increasing adoption of smart home solutions.
The growth of the Residential Outdoor Storage Market is primarily attributed to the increasing demand for outdoor living spaces, the growing popularity of smart home technology, and the rising disposable income of homeowners.
The decking and patio segment is projected to generate the highest revenue share in the Residential Outdoor Storage Market due to the increasing popularity of outdoor living spaces and the rising demand for durable and low-maintenance storage solutions.
Some of the prominent players in the Residential Outdoor Storage Market include Rubbermaid, Suncast, Keter, Lifetime Products, and Arrow Storage Products.
The Residential Outdoor Storage Market is anticipated to exhibit a CAGR of 7.81% during the forecast period, expanding from a valuation of 94.7 billion USD in 2024 to 186.4 billion USD by 2032.
The Residential Outdoor Storage Market faces challenges such as intense competition, fluctuating raw material prices, and the impact of weather conditions on product durability.
The Residential Outdoor Storage Market presents opportunities for growth through product innovation, expansion into emerging markets, and the integration of smart technology in storage solutions.
The COVID-19 pandemic had a positive impact on the Residential Outdoor Storage Market, as people spent more time at home and invested in improving their outdoor living spaces.
Key trends in the Residential Outdoor Storage Market include the growing popularity of sustainable materials, the integration of smart technology, and the increasing demand for modular and customizable storage solutions.
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