Summary
- • The global self-storage market was valued at $87.65 billion in 2019.
- • The self-storage industry in the United States generated revenue of $39.5 billion in 2020.
- • Asia-Pacific is expected to witness the fastest growth in the self-storage market between 2020 and 2027.
- • The size of the global storage and organization market is forecasted to reach $11.57 billion by 2025.
- • Approximately 10% of American households rent a self-storage unit.
- • The average monthly rental price for a storage unit in the U.S. is $88.85.
- • The self-storage industry has a 92% occupancy rate in the United States.
- • The self-storage industry has grown annually at a rate of 7.7% over the past five years.
- • Climate-controlled storage units account for approximately 23% of the total self-storage market.
- • The self-storage market is expected to grow at a CAGR of 2.9% from 2021 to 2026.
- • Millennials make up the largest segment of self-storage renters.
- • There are approximately 48,500 self-storage facilities in the United States.
- • The self-storage industry in Europe is projected to reach €10.7 billion by 2024.
- • 73% of self-storage renters in the U.S. live within 10 miles of a facility.
- • The average self-storage customer rents a unit for 12 to 18 months.
With a global self-storage market valued at a whopping $87.65 billion in 2019 and the United States alone generating $39.5 billion in revenue in 2020, its clear that the storage industry is the unsung hero of modern consumerism. From Asia-Pacific poised for rapid growth to climate-controlled units carving out a cool 23% of the market, these figures suggest that while some may see storage units as mere brick and mortar, theyre actually treasure troves of opportunity. So, grab your nearest padlock and join the 10% of American households living their best organized lives – because in this booming industry, every unit tells a story.
Asia-Pacific Market Growth
- Asia-Pacific is expected to witness the fastest growth in the self-storage market between 2020 and 2027.
- The size of the Asia-Pacific cold storage market is expected to reach $24.5 billion by 2026.
- The number of self-storage facilities in Australia has grown by 23% over the past five years.
- The cold storage market in India is expected to grow at a CAGR of 13.6% from 2021 to 2026.
- The self-storage industry in Japan experienced a revenue growth of 5.2% in 2020.
- The number of self-storage facilities in China is projected to reach over 23,000 by 2025.
- The cold storage market in Brazil is forecasted to grow at a CAGR of 11.5% from 2021 to 2026.
Interpretation
With the storage industry heating up across the Asia-Pacific region, it seems the only thing cooling faster than frozen goods in the cold storage market is the rate at which self-storage facilities are popping up like leftovers in a refrigerator. From the rapid expansion in Australia to the ambitious projections in China and India, it's clear that these markets are not just storing goods but also storing potential for economic growth. As businesses and consumers alike scramble to find space for their stuff, it seems the storage industry is a 'hot' commodity that shows no signs of thawing anytime soon.
Consumer Behavior and Preferences
- Approximately 10% of American households rent a self-storage unit.
- Millennials make up the largest segment of self-storage renters.
- 73% of self-storage renters in the U.S. live within 10 miles of a facility.
- The average self-storage customer rents a unit for 12 to 18 months.
Interpretation
The self-storage industry in the US seems to have found the secret sauce to success, with more Americans stashing away their belongings than ever before - because let's face it, who can resist the allure of a convenient "out of sight, out of mind" solution? Millennials leading the pack in utilizing these modern-day treasure troves of all things excess, it's evident that the need for extra space is not just a passing trend. With a whopping 73% of storage renters residing a stone's throw away from their secret storage stash, one can only wonder what secrets lie behind those rolling metal doors. And let's not forget the commitment level - 12 to 18 months of cohabitation with one's surplus stuff is no casual affair. It's clear that in a world where space is at a premium, self-storage units have become the unsung heroes of the cluttered masses.
Global Market Size
- The global self-storage market was valued at $87.65 billion in 2019.
- The size of the global storage and organization market is forecasted to reach $11.57 billion by 2025.
- The self-storage industry in Europe is projected to reach €10.7 billion by 2024.
- The global data storage market is expected to surpass $100 billion by 2026.
- Cloud storage solutions account for 32% of the data storage market share.
- The storage-as-a-service market is estimated to reach $23.8 billion by 2025.
- The worldwide market for cold storage construction is projected to reach $213.61 billion by 2025.
- The global mobile storage market is expected to grow at a CAGR of 7.3% from 2020 to 2027.
- The European market for cold storage logistics is forecasted to reach €30 billion by 2027.
- The global secure data storage market is expected to grow at a CAGR of 17.5% from 2020 to 2027.
- The global cold storage market for pharmaceuticals is estimated to be worth $17.68 billion by 2027.
- The global warehouse storage rack market is expected to reach $3.18 billion by 2025.
Interpretation
The storage industry is stacking up quite the fortune, with figures reaching heights that even the most expert Tetris player would find impressive. From self-storage vaults to digital cloud sanctuaries, the market is expanding faster than a teenager's wardrobe after a growth spurt. With data storage set to break the $100 billion barrier and secure data storage growing at a frosty 17.5% rate, it seems we're all just one forgotten password away from contributing to this lucrative avalanche of bytes and boxes. So whether you're storing your winter coats or your top-secret files, one thing is clear: the only way for the storage industry is up, up, and away!
Industry Trends in the United States
- The self-storage industry in the United States generated revenue of $39.5 billion in 2020.
- The average monthly rental price for a storage unit in the U.S. is $88.85.
- The self-storage industry has a 92% occupancy rate in the United States.
- The self-storage industry has grown annually at a rate of 7.7% over the past five years.
- Climate-controlled storage units account for approximately 23% of the total self-storage market.
- The self-storage market is expected to grow at a CAGR of 2.9% from 2021 to 2026.
- There are approximately 48,500 self-storage facilities in the United States.
- Hybrid cloud storage adoption is expected to increase from 19% in 2020 to 46% by 2022.
- The average annual growth rate of the U.S. document storage services industry is 1.6%.
- The U.S. mini-storage market size was estimated at $3.7 billion in 2020.
- The average size of newly built self-storage units in the U.S. is 34.9 square feet.
- The self-storage industry in Canada generated revenue of CAD 1.2 billion in 2019.
- The U.S. warehouse clubs and supercenters self-storage market was valued at $3.5 billion in 2020.
- The average occupancy rate of self-storage facilities in the U.S. is 89.6%.
- The average occupancy rate for self-storage facilities in the U.K. is 83%.
- The average rental rate for a 10x10 climate-controlled storage unit in the U.S. is $160 per month.
- The average cost to build a storage unit complex in the U.S. is approximately $45 per square foot.
Interpretation
The towering figures in the self-storage industry paint a vivid picture of a nation drowning in belongings but reluctant to part with them. With a revenue of $39.5 billion, it seems Americans are willing to pay a premium of $88.85 a month to store their excess stuff, resulting in a staggering 92% occupancy rate. As this industry grows at a brisk pace of 7.7% annually, one can almost hear the collective sighs of relief emanating from the 48,500 storage facilities dotted across the country. With climate-controlled units slowly taking over a quarter of the market, it appears our cherished possessions are in safe, temperature-controlled hands. As hybrid cloud storage gains ground and the mini-storage market booms, one can't help but wonder: are we becoming a nation of pack rats, or are we simply investing in our very own modern-day treasure troves?
