Self Storage Market Report 2024

Where is the largest and fastest growing market for self storage? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more. The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The self-storage market size has grown strongly in recent years. It will grow from $59.03 billion in 2023 to $63.58 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth during the historic period can be attributed to increasing urbanization, rising real estate prices, changes in lifestyle, growing commercial demand, and an increased business awareness of storage costs and benefits.

The self-storage market size is expected to see strong growth in the next few years. It will grow to $86.05 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth during the forecast period can be attributed to the rising demand for non-conventional storage options, an improving economic outlook, the expansion of small-scale businesses, increased demand for climate control, and a growing need for storage. Major trends in the forecast period include the adoption of technology in self-storage facilities, a growing preference for climate-controlled storage units, flexible leasing options, value-added services, and a rise in demand for smaller storage units.

The expansion of the e-commerce sector is anticipated to drive the growth of the self-storage market in the future. The e-commerce industry involves online buying and selling of goods and services, using digital platforms to reach a global audience and simplify transactions. The sector is growing due to increasing consumer preference for personalized and local products, along with the convenience and accessibility of online shopping. The self-storage market offers the e-commerce industry flexible, cost-effective solutions for managing excess inventory, seasonal stock, and business equipment. For example, in February 2024, the Census Bureau of the Department of Commerce reported that e-commerce sales in the fourth quarter of 2023 increased by 7.5% compared to the same period in 2022. Consequently, the growth of e-commerce platforms is boosting the self-storage market.

Leading companies in the self-storage market are implementing smart storage solutions to enhance customer experience, improve security, and streamline operations. Smart storage integrates advanced technologies with Internet of Things (IoT) sensors, radio-frequency identification (RFID) tracking, and automated inventory management systems to optimize storage space, improve accessibility, and enhance security within storage facilities. For instance, in September 2023, Vantiva SA, a France-based telecommunications company, introduced Vantiva Smart Storage. This innovative Wi-Fi and IoT software solution for the self-storage industry allows integration of third-party devices and subsystems while supporting various communication protocols. It enables 24-hour remote and secure monitoring of essential assets with alert features, unifying all technology subsystems, including sensors, HVAC, and access control, into a single dashboard for operators to oversee operations, identify inefficiencies, and respond to alerts across multiple locations.

In September 2023, Public Storage, a US-based self-storage company, acquired Simply Self Storage for $2.2 billion. This acquisition aims to enhance Public Storage's market presence by adding 127 properties with a total of 9 million rentable square feet, reinforcing its position as a leading player in the self-storage industry. Simply Self Storage is a US-based company specializing in self-storage platforms.

Major companies operating in the self storage market are U-Haul, Public Storage, Extra Space Storage, CubeSmart, Life Storage Inc., National Storage Affiliates Trust, Shurgard Self Storage, Storage Solutions, Big Yellow Self Storage Company, Safestore, SmartStop Self Storage, StorQuest Self Storage, Metro Self Storage, StorageMart, Simply Self Storage, Prime Storage, iStorage, Westport Properties, Global Self Storage Inc., Lok'nStore, Central Self Storage, Metro Mini Storage.

North America was the largest region in the self storage market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the self storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the self storage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Self-storage is a service where individuals or businesses can rent storage space to keep their belongings. These spaces come in various sizes and are typically rented on a monthly basis, offering a flexible solution for additional storage needs. The industry serves a diverse clientele, including people who are moving and businesses that need to store inventory or documents.

Self-storage options include climate-controlled units, portable storage, and traditional storage units. Climate-controlled units feature heating and cooling systems that maintain stable temperatures and humidity levels, making them suitable for storing sensitive items such as electronics, artwork, and important documents that need protection from extreme weather. Storage unit sizes range from small to large, accommodating different needs such as household and personal storage, business storage, and vehicle storage. The end users include commercial, industrial, and residential customers.

The self-storage market research report is one of a series of new reports that provides self-storage market statistics, including self-storage industry global market size, regional shares, competitors with a self-storage market share, detailed self-storage market segments, market trends and opportunities, and any further data you may need to thrive in the self-storage industry. This self-storage market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The self-storage market consists of revenues earned by entities by providing services such as access services, unit rental, convenience service, specialized storage, and business storage solutions. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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