Self-Storage Market to Reach USD 64.71 Billion by 2026 – Exclusive Report by Mordor Intelligence

October 20 02:46 2021
Self-Storage Market to Reach USD 64.71 Billion by 2026 - Exclusive Report by Mordor Intelligence
Mordor Intelligence
The millennial population occupies a significant percentage of self-storage users, they expect to interact with operators using technology, specifically smartphones, and apps, or responsive mobile websites. In addition, the COVID-19 pandemic has accelerated multiple business owners to opt for self-storage.

Self-Storage Market Overview

The global self-storage market was valued at USD 48.02 billion in 2020 and is expected to reach a value of USD 64.71 billion by 2026, registering a CAGR of 5.45% over the forecast period, 2021-2026. The increasing urban population causes smaller and increasingly expensive living spaces in cities with more renters who move around more frequently. London is an example of this trend, with its population hitting a new all-time high of 9.3 million in 2020. The population is projected to be over 10 million by 2030. London’s easyStorage reported that inquiries surged by 25 % month-on-month since lockdown restrictions were reduced in 2020, as some have needed to clear a room to make space for a home office setup, while many others decluttered their living spaces.

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Self-Storage Market – Geographical Overview 

Asia Pacific region to witness the highest growth in the self-storage market

The Asia Pacific region has more scope for self-storage. Australian and New Zealand organizations have already visualized extensive storage environments, compared to China, India, and other Southeast Asian countries (SEA) like Singapore, Hong Kong, Taiwan, Japan, and Malaysia. Southeast Asia is a densely populated region with several cities that have exhausted their living spaces. This is forcing a trend of the population moving to smaller houses to accommodate for more housing. But this is also raising an issue of item storage. This is driving the residential self-storage market in the region.

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Key Highlights of the Self-Storage Market

  • The market comprises several global players vying for attention in a fragmented market space. The presence of these players and their constant innovative activities are intensifying the market scenario. As the market poses moderate barriers to entry for new players, several new entrants backed by VCs have been able to gain traction in the market. This could further intensify the market competition.
  • Cities like Singapore, Beijing, Mumbai, and Hong Kong are so highly populated that the populace is opting to store their belongings in remote locations. The size of an average home is around 80m² in Hong Kong, Singapore, and Japan compared to 90m² in the UK, 130m² in Shanghai, and 250m² in the United States and Australia.

Recent Developments in the Self-Storage Market

  • July 2021- The global investment firm KKR acquired three self-storage properties in Austin, Texas, and Nashville, Tennessee, to meet the strong supply-demand fundamental and appealing long-term dynamics, including resiliency through economic cycles.
  • March 2021 – Life Storage planned to build a three-story, 216-unit, climate-controlled building on the property which the company owned on Transit Road to expand its business in West Seneca.
  • September 2020 – CubeSmart introduced the CubeSmart Mobile App, a simple, convenient option for customers to manage their storage experience. Utilizing the CubeSmart Mobile App, customers can access their gate code, pay bills, set up AutoPay, check account balances and payment history, manage passwords, and receive push notifications with important information, all from the convenience of their mobile phones.

Related Reports and Links

List of Key Players in the 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
  • National Storage REIT
  • All Storage
  • Amsdell Cos./Compass Self Storage
  • Urban Self Storage Inc.
  • Global Self Storage Inc.

*List Not Exhaustive 

Mordor Intelligence has segmented the global self-storage market on the basis of user type and geography: 

  • User Type (Market Size & Forecast (2019-2026) in USD billion)
    • Personal
    • Business
  • Geography (Market Size & Forecast (2019-2026) in USD billion)
    • North America
    • Europe
    • Asia-Pacific
    • Rest of the World

About Mordor Intelligence

Mordor Intelligence is a market intelligence and advisory firm. Our mission is to map complex business ecosystems across the globe to better predict butterfly effects. To date, we have partnered with 4000+ enterprises across 20 industries, to deliver precise data and actionable insights in over 6000 projects. Our domain-specific teams of research experts continuously track markets, enabling our clients to gain a competitive edge through high-quality market intelligence.

We offer fully tailored intelligence solutions to meet the unique business requirements of any organization. Our deep industry expertise coupled with cross-functional analyst teams ensures we can support the intelligence requirements of even the most specific of business problems.

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