Self-Storage Services Industry Profile

Companies in this industry rent or lease locations for self-storage, providing secure space (such as rooms, compartments, lockers, containers, or outdoor space) where clients can store and retrieve their goods. Major companies include REITs such as CubeSmart, Extra Space Storage, Life Storage, and Public Storage (all based in the US), along with Dymon Storage (Canada), Safestore (UK), and Shurgard (Belgium).

The global self-storage market size was valued at $60 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 7.5% during the forecast period, reaching $90 billion by 2028, according to Absolute Reports. The Asia-Pacific will show fastest growth in the market due to escalating population density and expanding economic conditions. Europe will capture a significant share of the market as self-storage services are increasingly adopted in the region.

The US self-storage services industry consists of about 16,000 establishments (single-location companies and units of multi-location companies) with about $15 billion in annual revenue.

COMPETITIVE LANDSCAPE

Demand for self-storage services is driven by population growth and consumer spending. The profitability of individual companies depends on marketing and pricing. Large companies enjoy economies of scale in administration, marketing, and purchasing and are often better able to finance acquisitions. Small companies can compete by specializing in local markets or by offering niche services. the US industry is concentrated: the 50 largest companies generate about 60% of revenue.