Report Description
A recent market
intelligence report that is published by Data Insights Partner on the
global Self Storage Market makes an
offering of in-depth analysis of segments and sub-segments in the regional and
international Self Storage Market. The research also emphasizes on the impact of restraints,
drivers, and macro indicators on the regional and global Self
Storage Market over the short as
well as long period of time. A detailed presentation of forecast, trends, and
dollar values of global Self Storage Market is offered. In accordance with the report, the global
Self Storage Market is projected to
expand by healthy CAGR of 4% over the period of forecast.
Market Insight, Drivers, Restraints,
Opportunity & Trends of the Market:
Definition
Self
Storage is one type of business or industry where storage spaces known as
storage units in the form of rooms, containers, lockers etc. are rented out to
the tenants on the basis of short-term or long-term contracts. The spaces are
rented for both personal and commercial usages and most storage facilities
offer insurance for purchases. The self storage spaces are safer than ware
houses as the spaces are secured by locks which storage company employees do
not have access to and can only be opened by the key or code given to the
tenant of the space.
Market Drivers
The
growing need to store agricultural and industrial goods due to the fluctuating
business cycle is the main drivers behind the growth of Self Storage Market.
Just as there are times when sale is very high and it is necessary to store
products beforehand so that supply can meet the demand at that time, there are
times when sale is not very good and products need to be kept in the
inventories. As a result storage spaces has become a necessity now-a-days.
Sometimes storage spaces such as lockers are needed for personal usage too. All
these reasons are driving the growth rate of Self Storage Market high.
Beside
this, the rapid urbanization, growing population, rising per capita income and
rising concern over storing things away for later use are also some of the key
players behind the rapid growth of the Self Storage Market.
Aside
from these, the governmentally granted permissions for the business and
agricultural firms to be able to store as much as the firms want and rising
foreign investments in the Self Storage sector are also adding fuel to this increasing
market growth.
The
regular introduction of different and brand-new types of Self Storage Spaces and
Services with better technology, qualities and durability in different sizes
and price range to satisfy the varying tastes of the customers is also
attracting new consumers and thus helping the growth rate of Self Storage Market
to rise high. The convenience and efficiency of self storage spaces is also
helping in the expansion of the said market.
Market Restraints
The Self Storage Market has a huge potential. Though it is expanding very fast
day by day, many things are preventing it from using its full potential. Some
of these restraints are–
High prices of the raw materials, high installation, maintenance and repairing
costs and high cost of R&D activities resulting into high rents
of the premium quality end products.
Lack of security.
Unavailability of these products in many regions.
Lack of awareness about the availability and
benefits of the Self Storage Spaces and Services in the developing countries.
Lack of penetration in the largescale industrial
market as the industries have their own storage spaces.
Opportunities
The Residential Self Storage Segment has a lot of
opportunities to grow in the forecast period as the concern over storing stuffs
for future use is rising rapidly. The commercial sector will face a boom too
but it would be relatively lower than that faced by the residential sector as it
would be mainly caused by small and medium scale industries who do not have
adequate space or resources to store their products at their company premises.
The shot-term contractual rents sector will face relative higher growth rate as
it is more preferred by the small scale sectors for its low costs.
Trends
During
the forecast period, Asia Pacific followed by North America and Europe are
expected to have the largest share of Self Storage Market. The demand for these products
in the Asia Pacific region is driven by its expanding small and large scale industrial sector, growing
population and rising disposable income among individuals. Rising concerns over
proper storage of stuffs to make business sale and personal lifestyle easier are
also driving the growth. It is also believed that on the basis of product type, the
concrete rooms and metal lockers segment will have the largest share for its
low prices, provided security and high demand and efficiency and convenience. The
medium and small storage units are also expected to rise significantly in the
said time for its low cost and high demand among small scale industries and
individuals.
Segment Covered:
This market
intelligence report on the global Self Storage Market encompasses market segments based on material type, product
type, service type, location type, storage unit type, contract term, application,
end usage, distributional channel and country.
By Material
Type the global Self Storage Market has been
divided into:
q Wood
q Metal
q Concrete
q Glass
q Plastics
q Others
By Product
Type the global Self Storage Market has been
divided into:
q Rooms
q Containers
q Lockers
q Others
By Service
Type the global Self Storage Market has been
divided into:
q Climate-controlled
Self Storage
q Non-climate-controlled
Self Storage
q DIY
Moving Truck Rental
q Full-service
Moving
q Others
By Location
Type the global Self Storage Market has been
divided into:
q Indoor
q Outdoor
By Storage
Unit Type the global Self Storage Market has been
divided into:
q High Storage
Unit
q Medium Storage
Unit
q Low Storage
Unit
By
Contract Term the global Self Storage Market has been
divided into:
q Short-term
Contracts
q Long-term
Contracts
q Others
By Application
the global Self Storage Market has been divided into:
q Household
q Vehicle
q Business
q Others
By End
Usage the global Self Storage Market has been
divided into:
q Personal
q Commercial
By Distributional
Channel the global Self Storage Market has been
divided into:
q Offline
q Online
q Others
By country/region,
the global Self Storage Market has been divided into:
q North
America (the U.S., Canada),
q Latin
America (Brazil, Mexico, Argentina and other countries),
q Europe
(Germany, France, the U.K., Spain, Italy, Russia, and other countries),
q Asia
Pacific (India, Japan, China, Australia and New Zealand and other countries),
q Middle
East and Africa (GCC, South Africa, Israel and Other countries).
Profiling of Market
Players:
This business
intelligence report offers profiling of reputed companies that are operating in
the market. Companies such as:
q AECOM
q CubeSmart
q Life
Storage, Inc.
q Metro
Storage LLC
q National
Storage Affiliates
q Prime
Storage Group
q Public
Storage
q Safestore
Holding PLC.
q Simply
Self Storage Management LLC
q StorageMart
q Urban
Self Storage
q U-Haul
International, Inc.
q World
Class Capital Group LLC
q W.P.Carey
Inc.
others have been
profiled into detail so as to offer a glimpse of the market leaders. Moreover,
parameters such as Self Storage Market related investment & spending and developments by
major players of the market are tracked in this global report.
Report Highlights:
In-depth
analysis of the micro and macro indicators, market trends, and forecasts of
demand is offered by this business intelligence report. Furthermore, the report
offers a vivid picture of the factors that are steering and restraining the
growth of this market across all geographical segments. In addition to that, IGR-Growth
Matrix analysis is also provided in the report so as to share insight of the
investment areas that new or existing market players can take into consideration.
Various analytical tools such as DRO analysis, Porter's five forces analysis
has been used in this report to present a clear picture of the market. The
study focuses on the present market trends and provides market forecast from
the year 2020-2028. Emerging trends that would shape the market demand in the
years to come have been highlighted in this report. A competitive analysis in
each of the geographical segments gives an insight into market share of the
global players.
Few Recent Developments
CubeSmart
The North American
real estate investment trust CubeSmart, established in 2004, has been investing
a lot in self storage facilities. The company has recently opened up an 89,000
sq. ft. storage space of worth USD 7.5 million in Lantana, South Florida in
September, 2018. The self-storage space has up to 750 spaces and is expected to
grow more depending upon the demand. Depending on the size of the space, The
storage units are priced between USD 68 to USD 363 a month. As of December,
2019 the company owns more than 524 properties in more than 24 states across
the USA.
Life Storage Inc.
Headquartered in
New York, USA, the real estate investment trust Life Storage Inc. is one of
largest providers of self storage facilities in the entire world and has ranked
4th largest in USA in 2019. The company has acquired
18 properties in Arizona, Nevada, and Tennessee in June, 2017 and a property
for USD 6.93 million in the Tampa in April, 2019 to expand its business. As of
December, 2019, the company owns 854 properties in total. In July, 2018, the
company has also announced to go digital to save the customers trouble of
standing in line and wasting time by providing them a fully digital platform to
inspect, select and pay the rent online.
Metro Storage LLC
The North American company Metro Storage LLC has been known as one of the
most successful market players in Self Storage Market for the past 40 years. The
company has recently announced the purchase of a more than 95,000 sq ft land in
Minnesota in 2020. They also have started construction on a 100%
climate-controlled self-storage facility with an offering of 908 storage units,
LED lightings, modern lock and security systems and surveillance cameras etc.
facilities. They have also opened up their 7th New Jersey Self
Storage Facility Store in July, 2020 with both climate-controlled and
non-climate-controlled offerings.
Salient Features:
Ø
This study offers
comprehensive yet detailed analysis of the Self Storage
Market, size of the market (US$ Mn), and Compound
Annual Growth Rate (CAGR (%)) for the period of forecast: 2020-2028, taking
into account 2019 as the base year
Ø
It explains upcoming
revenue opportunities across various market segments and attractive matrix of
investment proposition for the said market
Ø
This market
intelligence report also offers pivotal insights about various market opportunities,
restraints, drivers, competitive market strategies of leading market players,
emerging market trends, and regional outlook
Ø
Profiling of
key market players in the world Self Storage Market is done by
taking into account various parameters such as company strategies, distribution
strategies, product portfolio, financial performance, key developments,
geographical presence, and company overview
Ø
The data of
this report would allow management authorities and marketers of companies alike
to take informed decision when it comes to launch of different type of models,
government initiatives, marketing tactics and expansion, and technical up
gradation
Ø
The world
market for Self Storage caters to the needs of various stakeholders pertaining to this
industry, namely suppliers, manufacturers, investors, and distributors for Self
Storage Market. The research
also caters to the rising needs of consulting and research firms, financial
analysts, and new market entrants
Ø
Research
methodologies that have been adopted for the purpose of this study have been
clearly elaborated so as to facilitate better understanding of the reports
Ø
Reports have
been made based on the guidelines as mandated by General Data Protection
Regulation
Ø
Ample number
of examples and case studies have been taken into consideration before coming
to a conclusion
Reasons to buy:
v
Identify
opportunities and plan strategies by having a strong understanding of the investment
opportunities in the Self Storage Market
v
Identification
of key factors driving investment opportunities in the Self Storage Market
v
Facilitate
decision-making based on strong historic and forecast data
v
Position
yourself to gain the maximum advantage of the industry’s growth potential
v
Develop
strategies based on the latest regulatory events
v
Identify key
partners and business development avenues
v
Respond to
your competitors’ business structure, strategy and prospects
v
Identify key
strengths and weaknesses of important market participants
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