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The self-storage and moving services market size is forecast to increase by USD 51.53 billion, at a CAGR of 8.95% between 2023 and 2028. The growth of the market depends on several factors such as the growing real-estate investments globally, the reduced housing space due to increasing urban population density, and the rising use of self-storage software to increase the efficiency of operations.
The report offers extensive research analysis on the Self-storage and Moving Services Market, with a categorization based on Type, including self-storage and moving services. It further segments the market by Service, encompassing climate-controlled self-storage, full-service moving, non-climate controlled self-storage, and DIY moving truck rental. Additionally, the report provides Region segmentation, covering APAC, Europe, North America, Middle East and Africa, and South America. Market size, historical data (2018-2022), and future projections are presented in terms of value (in USD billion) for all the mentioned segments.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the self-storage and moving services market growth is the rising use of self-storage software to increase the efficiency of operations. Self-storage solution providers are needed to track tenants and manage their properties. In addition, the traditional management of self-storage units includes making collection calls, e-mailing invoices, and taking physical trips to banks for the management of revenue. Furthermore, this makes the business process cumbersome and time-consuming.
Moreover, to overcome these challenges, self-storage solutions providers have started using self-storage software to ease the process of handling multiple smaller tasks such as generating rent receipts, tracking storage units, making collection calls, and enhancing security systems. In addition, self-storage software has streamlined business operations and provides services such as lead management, revenue management, gating systems, interactive site maps, and reporting tools. Hence, such factors are driving the market growth during the forecast period.
A key factor shaping the self-storage and moving services market growth is the merging global mobile homes market. A mobile home can be referred to as a residential building with a permanently attached chassis, which is completely designed, constructed, and assembled in a factory. In addition, this type of movable mobile home is then transported to a physical site on its own wheels or is towed on trucks. Furthermore, moving services are required for the transportation of mobile homes.
Moreover, during the transportation of mobile homes, customers prefer self-storage facilities to store their belongings on a rental basis for a certain period. In addition, this helps in protecting their valuable products and household products from getting damaged or stolen. Hence, such factors are positively impacting the market which in turn drives the market growth during the forecast period.
Steep competition due to a fragmented marketplace and lack of adoption rate in emerging economies are some of the key challenges hindering the self-storage and moving services market growth. There is an increasing preference by customers in the global self-storage and moving services market to store goods within a radius of 5 miles from their homes or businesses. As a result, companies operating in the market must compete with the local self-storage facilities. Furthermore, the products offered are less differentiated, and the marketing channels, such as Internet advertising, banners, and signage that competitors use are also similar.
Therefore, the competition among market players is high, affecting the occupancy level, rental income, rental rates, and operating expenses of company facilities in developed economies such as the US, the UK, Canada, France, Germany, Japan, and Australia. For instance, In 2021, the five largest self-storage players operating in the US accounted for just 31.2% of the total revenue, while the rest of the 68.8% was occupied by numerous regional and local players. Hence, such factors are hindering the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Self-storage and Moving Services Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Big Yellow Group PLC: The company offers self-storage and moving services such as personal storage, student storage, business storage, and flexible offices.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The self-storage segment is estimated to witness significant growth during the forecast period. The self-storage segment refers to a business that leases out storage units, or areas for people to store their belongings (such as rooms, lockers, containers, and/or outdoor space), to customers on a short-term (typically month-to-month) basis. In addition, tenants of self-storage units include both people and companies. Furthermore, this allows people and businesses to rent out storage space for their things on a short- or long-term basis.
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The self-storage segment was the largest segment and was valued at USD 46.18 billion in 2018. Moreover, self-storage has grown in popularity in developing countries in recent years as more individuals relocate to cities and want more room for storage. In addition, there are many options available from self-storage units to fit a variety of demands and budgets. Furthermore, standard storage rooms are available at certain facilities, but climate-controlled units are better for storing furniture and household goods that are sensitive to humidity and temperature. In addition, customers have a variety of unit sizes to select from tiny rental luggage lockers to spacious storage units big enough to fit furniture and others. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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North America is estimated to contribute 53% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main countries in North America that is contributing to the market growth is the US due to the growth in economic activities, such as manufacturing trade, and the increase in migration of individuals between different states in the country. In addition, the increase in relocations in the US owing to individuals increasingly seeking jobs in metropolitan cities and other economic factors are fuelling market growth in the country. Furthermore, the increase in the number of immigrants and people relocating to different cities has fuelled the demand for self-storage and moving services, driving the growth of the self-storage and moving services market in North America during the forecast period.
The self-storage and moving services market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Self-storage And Moving Services Market Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.95% |
Market Growth 2024-2028 |
USD 51.53 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.55 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 53% |
Key countries |
US, Japan, UK, France, and Spain |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Big Yellow Group PLC, CubeSmart LP, Extra Space Storage Inc., Life Storage Inc., Men On The Move, Mid West Moving and Storage Inc., MYMOVE LLC, National Storage REIT, PODS Enterprises LLC, Public Storage, Ready Steady Store Ltd., Safestore Holdings plc, Schroders plc, SIRVA Worldwide Inc., Smartbox Ecommerce Solutions Pvt. Ltd., Spacer.com Inc., Stor Age Property REIT Ltd., The Box Self Storage Services LLC, U Haul International Inc., and Kennards Self Storage Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Service
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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