The global self-storage market Growth Accelerated by Need of Safe and Convenient Storage Spaces

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Self-storage facilities provide safe, secure, and convenient storage spaces for both commercial and residential users to store their possessions. They are an affordable solution for users who need additional storage space without making long-term storage commitments. The global self-storage market is growing in response to trends like increased urbanization, growing mobility of residents, and downsizing of living spaces.

The global self-storage market is estimated to be valued at US$ 55,843 million in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The growing popularity of self-storage facilities is being accelerated by the increasing need of safe and convenient storage spaces, especially in densely populated urban areas. As more people migrate to cities for education and jobs, living spaces have reduced in size making self-storage an attractive option. Users can conveniently access their storage units without the hassle of maintaining a long-term lease. They only pay for the storage space and duration they need. This flexibility and affordability has boosted the demand for self-storage facilities.

Segment Analysis
The global self-storage market is dominated by the climate controlled and heated storage sub-segment. This sub-segment accounts for over 60% of the market share owing to high customer preference for climate controlled facilities for storage of valuable items. Customers are willing to pay a premium for storage units that maintain controlled temperature and humidity levels throughout the year.

Key Takeaways
The global self-storage market size is expected to witness high growth over the forecast period of 2023 to 2030. The global self-storage market is estimated to be valued at US$ 55,843 million in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023-2030.

Regional analysis related content comprises- The North America region currently dominates the global self-storage market with over 35% share. The US market is the largest contributor in the region owing to high demand for self-storage units across various customer segments. The Asia Pacific region is expected to be the fastest growing market during the forecast period due to increasing urbanization and changing living patterns.

Key players related content comprises- Key players operating in the self-storage market are Public Storage, Extra Space Storage, CubeSmart, Life Storage and StorCenters. Public Storage is currently the largest player with over 2000 storage facilities across the US, UK and other international markets. Extra Space Storage is another major player operating more than 2000 self-storage units across key regions.

Get more insights on this topic: https://www.newsstatix.com/self-storage-market-share-and-opportunity-analysis/

 

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