General Warehousing & Storage in the US - Market Research Report (2014-2029)

In Storage: Increases in Consumer Spending, Particularly Online, Are Expected to Sustain Industry Growth

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.

Public storage and warehousing have benefited from increases in consumer spending, leading to more shipments of consumer goods and greater demand for warehouse space. Despite the economic environment proving much more challenging during COVID-19 in 2020, the industry experienced growth. E-commerce sales increased 39.1%, leading to a 3.3% revenue hike in 2020 alone. Although internalization of warehousing by large big-box retailers has somewhat tempered outsourcing demand, both businesses' demand for warehouse space and their likelihood of contracting it from third-party providers have increased, benefiting the industry during the current period. Industry-wide revenue has been growing at a CAGR of 2.7% over the past five years - including an estimated 2.3% surge in the current year - and is expected to total $35.4 billion in 2023, when profit hike to 16.7%.

The industry provides third-party storage warehousing and storage services to the manufacturing, wholesale and retail sectors. Companies use equipment like forklifts, pallets and racks to handle goods in boxes, barrels and drums. Industry companies avoid specializing in handling bulk products of any particular type, size or quantity. Companies that rent or lease space for self-storage to consumers aren't included in this industry.