DUBLIN–(BUSINESS WIRE)–The “Self Storage Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
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 growth in this industry is expected to be positive during the forecast period, owing to the trends of increased urbanization and improved economic outlook across the regions. These factors have led to the growth of new businesses.
COVID-19, in addition, has led multiple business owners to opt for self-storage. Having to work from home for most parts of 2020 drove up the demand for self-storage to cut out on rents on spaces. More and more companies have decided to shift toward a remote work model permanently, and hence the need for office rentals is decreasing. Especially in metropolitan Asian cities, where office space can be costly to rent, self-storage is mainly preferred.
The increasing rate of urbanization is one of the significant factors positively driving the market growth. The increasing urban population means smaller and increasingly expensive living spaces in cities with more renters who move around more frequently. London is a prime example of this trend, with its population hitting a new all-time high of 8.6 million in 2015. The population is projected to be more than 10 million by 2030.
The improved economic outlook in the countries of the United States, Europe, and Asia is positively augmenting the market growth. The economic growth in the United States is constantly being driven forward by the ongoing innovation, R&D, and capital investment.
The government regulations hinder the market’s growth. The storage operators have continued to receive nonspecific warnings from the Department of Homeland Security that their facilities can be used to store materials that could be unleashed in the terrorist attack.
Key Market Trends
- Personal Storage Segment to Occupy the Maximum Market Share
- Asia-Pacific to Witness the Highest Growth
The market comprises several global players vying for attention in a fragmented market space. In order to differentiate amongst offerings, the players have been focused on competitive pricing, promotional activities, advertisements, added features such as parking facility, 24×7 access, climate control, to name a few. 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.
- 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.
Key Topics Covered
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness – Porter’s Five Forces Analysis
4.4 Market Drivers
4.4.1 Increased Urbanization Coupled with Smaller Living Spaces
4.4.2 Changing Business Practices and COVID-19 Consumer Behavior
4.5 Market Restraints
4.5.1 Government Regulations on Storage are Hindering the Market Growth
4.6 Assessment of Impact of COVID-19 on the Market
5 MARKET SEGMENTATION
5.1 By User Type
5.2 By Geography
5.2.1 North America
5.2.3 Asia Pacific
5.2.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 U-Haul International Inc.
6.1.2 Life Storage Inc.
6.1.3 CubeSmart LP
6.1.4 National Storage Affiliates
6.1.5 Safestore Holdings PLC
6.1.6 Simply Self Storage Management LLC
6.1.8 Prime Storage Group
6.1.9 WP Carey Inc.
6.1.10 Metro Storage LLC
6.1.11 SmartStop Asset Management LLC
6.1.12 (Great Value Storage) World Class Capital Group LLC
6.1.13 National Storage REIT
6.1.14 All Storage
6.1.15 Amsdell Cos./Compass Self Storage
6.1.16 Urban Self Storage Inc.
6.1.17 Global Self Storage Inc.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/gsnluf