Self-storage provides customers with affordable storage solutions for their household items and other personal belongings. It helps consumers store unused items in an organized and secure space. The rapid pace of urbanization has led to smaller living spaces, compelling people to store excess luggage in self-storage facilities. The busy schedules and changing lifestyle of consumers have increased the demand for self-storage at both individual and business levels.
The global Self-Storage Market is estimated to be valued at US$ 55843.56 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing trend of urbanization is one of the major drivers of the self-storage market. Rapid urbanization has led to an increase in disposable income and purchasing power of consumers. However, it has also reduced living spaces in urban areas. This has boosted the need for external storage units where customers can keep their possessions. According to the United Nations, over 68% of the world's population is expected to live in urban areas by 2050. This rising urban population will further propel the demand for self-storage facilities during the forecast period.
Segment Analysis
The global self-storage market is dominated by the mini-storage sub-segment, accounting for over 60% of the market share. Mini-storage offers storage units ranging from 25-200 square feet that are rented to both businesses and individuals for storing their goods. The rising trend of migration within countries due to education or jobs has propelled the need for temporary or long-term storage among mobile populations, driving the mini-storage sub-segment.
Key Takeaways
Global Self-Storage Market Demand is estimated to be valued at US$ 55843.56 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030.
Regional analysis: The self-storage market in North America dominates currently with a share of over 35% owing to the high urban populations and existing culture of renting storage units. However, the Asia Pacific region is expected to witness the fastest growth during the forecast period owing to growing middle-class populations, rapid urbanization and changing lifestyles in countries like India and China.
Key players: Key players operating in the self-storage market are BASF SE, Dow Chemical Company, Borgers A.G., Faurecia S.A., Adient Plc, Lear Corporation. BASF SE is one of the leading players known for its innovative product portfolio and global presence.
Get More Insights on this Topic- https://www.dailyprbulletin.com/self-storage-market-demand-forecast-and-value-analysis/
