Self-storage Market Research Report: Information By User Type (Personal and Business) And By Region (North America, Europe, Asia-Pacific, And Rest of The World) –Market Forecast Till 2032.

Self-storage Market Overview

Self-storage Market Size was valued at USD 59.2 Billion in 2022. The Self-storage Market industry is projected to grow from USD 62.1 Billion in 2023 to USD 91.83 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.00% during the forecast period (2023 - 2032). Market growth is being propelled by the expansion of facility networks and initiatives to standardize security features. Moreover, the self-storage market is benefiting from factors such as changing consumer lifestyles, a preference for cost-effective yet secure storage solutions, and an emphasis on facilities equipped with advanced features like climate control and online management are expected to be significant market drivers for the Self-storage Market.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Self-storage Market TrendsIncreasing rate of urbanization and improved economic outlook, Lifestyle Transitions, and Life Events are driving the market growth

Market CAGR for self-storage is being driven by the Increasing rate of urbanization and improved economic outlook, Lifestyle Transitions, and Life Events. The surge in urbanization, particularly in cities with rising populations and limited living space, contributes significantly to market expansion. For instance, London's population reached a record high of 8.8 million in 2021, with projections exceeding 10 million by 2030. In addition to heightened usage by individual customers, businesses are increasingly recognizing the benefits of self-storage. This interest is fueled by businesses' awareness of and concern about storage costs. The self-storage model, in contrast to traditional warehousing, offers a broader range of options for storage space size and pricing plans. However, market growth faces hindrances due to government regulations, particularly warnings from the Department of Homeland Security about the potential misuse of storage facilities for materials that could pose security risks in a terrorist attack.

The self-storage industry is propelled by major life events like marriage, relocation, and downsizing, which create a demand for temporary or long-term storage solutions. Examples include couples consolidating households with duplicate items and individuals undergoing transitions such as divorce, job changes, or loss of a family member. In these situations, storage space is sought to retain belongings until future decisions are made. The industry excels in catering to these lifestyle transitions, providing flexibility in rental periods and the ability to adjust storage sizes according to evolving needs. As a result, it is anticipated that throughout the projection period, demand for the Self-storage Market will increase due to the Increasing rate of urbanization and improved economic outlook, Lifestyle Transitions, and Life Events. Thus, driving the Self-storage Market revenue.

Self-storage Market Segment Insights

Self-storage Market User Type Insights

The global Self-storage Market segmentation, based on User Type includes Personal and Business. The personal segment dominated the market, accounting for 58% of market revenue (34.3 Billion). Clients within this category commonly include individuals undergoing residential relocations, those experiencing major life transitions like marriage, divorce, or retirement, and individuals seeking additional space to organize and declutter their living spaces. This segment is also frequented by travelers in need of temporary storage solutions and students requiring storage during academic breaks. Key considerations for consumers in this segment are convenience, accessibility, and security. Many individuals prefer self-storage units with 24/7 access, robust security features, and flexible leasing terms, such as month-to-month rentals. Due to the diverse motivations for personal storage use, this segment experiences fluctuating seasonal demand, peaking during summer months and at the beginning and end of academic terms. Overall, the personal end-use segment significantly shapes the self-storage market, necessitating a customer-centric approach to effectively meet a range of storage needs.

Figure 1: Global Self-storage Market, by User Type, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Self-storage Market Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The anticipated expansion of the Self-storage market in North America can be attributed to several key factors. Companies in the region are strategically planning and continually constructing self-storage facilities. For example, in March 2021, Life Storage announced intentions to construct a three-story, 216-unit, climate-controlled building on its property on Transit Road to expand its operations in West Seneca. The demand for self-storage units remains positive, driven by steady job creation, wage growth, increasing household formation, and robust consumer spending. The fast-paced lifestyles and the accumulation of memorabilia by both younger and older generations further reinforce the future demand for self-storage space. In July 2021, global investment firm KKR acquired three self-storage properties in Austin, Texas, and Nashville, Tennessee, aligning with the fundamental supply-demand dynamics and appealing long-term prospects, including resilience through economic cycles.

Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: GLOBAL SELF-STORAGE MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe's Self-storage Market accounts for the second-largest market share as the increasing number of small businesses and e-commerce platforms are driving the demand for self-storage solutions. In 2022, the EU-27 had about 24.3 million active small and medium-sized enterprises (SMEs), constituting 99.8% of all enterprises in the non-financial business sector. Europe's 23 million smaller firms account for 99.8% of non-financial businesses and contribute to about two-thirds of all jobs. With many small businesses operating in limited spaces, such as homes or small offices, self-storage facilities offer a cost-effective solution for storing inventory, records, or equipment, allowing businesses to focus on growth without being hindered by space constraints. Further, the German Self-storage Market held the largest market share, and the UK Self-storage Market was the fastest-growing market in the European region

The Asia-Pacific Self-storage Market is expected to grow at the fastest CAGR from 2023 to 2032. The pandemic has accelerated the demand for self-storage, driven by an increasing number of business owners and individuals opting for these services. The shift towards remote work, which has become the new norm, has contributed significantly to the surge as people seek ways to save on rent costs. The ongoing trend of urbanization and a positive economic outlook have further propelled the growth of this sector. The millennial mindset, favoring a minimalist and decluttered lifestyle, aligns with the convenience of using personal storage rooms as an extension of their living space. Major drivers for the adoption of storage units include life events such as relocation, death, divorce, or living in crowded homes. The nationwide lockdown during the pandemic acted as a catalyst, intensifying the need for storage space for both office and household items. Moreover, China’s Self-storage Market held the largest market share, and the Indian Self-storage Market was the fastest-growing market in the Asia-Pacific region.

Self-storage Market Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the Self-storage market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Self-storage industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Self-storage industry to benefit clients and increase the market sector. In recent years, the Self-storage industry has offered some of the most significant advantages to the storage needs of individuals, businesses, and communities alike. Major players in the Self-storage Market, including 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 are attempting to increase market demand by investing in research and development operations.

CubeSmart is a prominent self-storage real estate company engaged in the ownership, operation, management, acquisition, and development of self-storage facilities. The company caters to diverse storage needs, including household, business, vehicle, and personal storage. CubeSmart serves both residential and commercial customers, operating in major metropolitan and suburban areas across the US, including locations in Florida, Pennsylvania, New Jersey, Georgia, Maryland, New York, Arizona, North Carolina, Texas, Nevada, Illinois, and California. In October 2020, CubeSmart strategically expanded its market presence by acquiring eight self-storage properties in New York City from Storage Deluxe for US$540 million. This acquisition not only strengthened CubeSmart's global footprint but also positioned it strategically in attractive submarkets, capitalizing on lucrative demographic trends and a robust growth outlook. The company is headquartered in Malvern, Pennsylvania, USA.

Life Storage Inc. (Life Storage) operates as a real estate investment trust (REIT) specializing in self-storage facilities. As a self-administered and self-managed real estate company, Life Storage is engaged in the acquisition, ownership, and management of self-storage properties. The company provides storage space for lease, typically on a month-to-month basis, catering to both commercial and residential users. Life Storage offers a range of storage facilities, including indoor and outdoor options for automobiles, boats, and recreational vehicles. The company's rental services cover various storage unit sizes, from small to large, along with designated parking spaces for vehicles. Life Storage is headquartered in Buffalo, New York, USA.

Key companies in the Self-storage Market include

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  U-Haul International Inc.

  
  


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  Life Storage Inc.

  
  


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  CubeSmart LP

  
  


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  National Storage Affiliates

  
  


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  Safestore Holdings PLC

  
  


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  Simply Self Storage Management LLC

  
  


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  StorageMart

  
  


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  Prime Storage Group

  
  


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  WP Carey Inc.

  
  


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  Metro Storage LLC

  
  


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  SmartStop Asset Management LLC,

  
  


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  (Great Value Storage) World Class Capital Group LLC

  
  


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  All Storage, Amsdell Cos./Compass Self Storage

  
  


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  Urban Self Storage Inc.

  
  


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  Global Self Storage Inc

  
  

Self-storage Industry Developments

June 2023: In June 2023, StorageMart, a company operating over 280 self-storage facilities in Canada, the United Kingdom, and the United States, completed the acquisition of I-29/I-35 Self Storage in Kansas City, Missouri, and Summit Self Storage in Missouri. This transaction included a portfolio of 112,296 rentable square feet across 796 apartment buildings.

May 2023: In May 2023, a report from Cushman & Wakefield and the Self Storage Association UK (SSA UK) indicated that the annual turnover in the UK self-storage industry is anticipated to surpass GBP 1 billion in 2023. Despite the cost-of-living crisis, customers continue to show a strong demand for easily accessible rented space.

Self-storage Market Segmentation

Self-storage Market User Type Outlook

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  Personal

  
  


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  Business

  
  

Self-storage Market Regional Outlook

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  North America

  
  

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  US

  
  


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  Canada

  
  

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  Europe

  
  

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  Germany

  
  


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  France

  
  


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  UK

  
  


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  Italy

  
  


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  Spain

  
  


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  Rest of Europe

  
  

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  Asia-Pacific

  
  
  
  
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    China

    
    
  
  
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    Japan

    
    
  
  
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    India

    
    
  
  
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    Australia

    
    
  
  
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    South Korea

    
    
  
  
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    Australia

    
    
  
  
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    Rest of Asia-Pacific

    
    
  
  
  
  


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  Rest of the World

  
  
  
  
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    Middle East

    
    
  
  
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    Africa

    
    
  
  
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    Latin America