DUBLIN, Nov. 26, 2021 /PRNewswire/ -- The "Asia-Pacific Self Storage Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Asia-Pacific Self Storage Market is expected to register a CAGR of 13.12 % over the forecast period (2021 - 2026).
The market is facing its own transition rate since business is growing at different rates in different countries. This is based on parameters such as ownership/property type, land rate, investment models.
- The main driving factor for the market is the increasing trend of storing personal belongings outside the house. This is because of a growing affluent population, changing lifestyle and business practices. Commercial usage of self-storage is increasing due to rise in e-commerce especially in China and India.
- The industry suffers from lack of awareness. Customers need to be taught the difference between self-storage and warehousing or other more traditional storage methods. Availability of space to build is also a major challenge concerning the vendors. Due to the increasing population, the vendors have no other option rather than to convert existing facilities into self-storage space.
Key Market Trends
"Business" Use Cases to Witness Tremendous Growth
- Heavy usage of mobile phones for shopping along with the emerging trend of mobile payment is driving the demand for storage of e-commerce goods. Constant evolution within the e-commerce space and encouragement from the government has given the industry a big boost.
- The concept of self-storage is prominent among young, online shop owners who need flexible solutions to manage inventory.
- According to Rakuten Marketing, retail sales in Australia exceeded USD 300 billion in 2018. There is a high preference for offline shopping also in this region due to the high shipping costs in online shopping.
- China accounts for the major market share when it comes to e-commerce. This is also due to rapid population growth. In 2017, a Hong Kong-based fund announced a USD 28 million investment in China Mini Storage (CMS), one of the pioneers of mini self-storage operators on the mainland.
- CMS has set up 20 lockers in Beijing, mainly in co-working spaces. Orange Self Storage (OSS) opened its first facility in 2018 in Karnataka India. It initially focused on commercial spaces and now has expanded to malls and hotels.
Thailand to Dominate the Market
- The major driving force for the market is evolving demographics, changing living patterns, and urbanization. According to United Nations, half of Thailand's population now lives in urban areas.
- The Bangkok Metropolitan Region is home to the majority of Thailand's urban population and generates more than half of the nation's GDP. It is also home to most of the country's self-storage operators, with some located in areas such as Phuket and Pattaya.
- The demand has long been driven by residential demand since average unit sizes have dropped down by half since 2004.
- However, the demand is also being caused by non-residential side by entrepreneurs and SMEs who are looking for flexible storage solutions for e-commerce businesses. As per Google, Thailand is currently Southeast Asia's second largest e-commerce market and is expected to grow by more than four times through 2025.
The market for self-storage in Asia-Pacific is fragmented due to presence of vendors in countries such as Japan, Singapore, Singapore and Malaysia. Emerging countries including India account for a meager market share.
- July 2019 - Self Storage (India) announced launch of its latest facility, located in Noida. The facility offers seven sizes of private storage units that range from a compact 50 sq.ft., to a spacious 220 sq.ft.; meeting personal and corporate storage needs.
- July 2019 - Blackstone sold its Hong Kong self storage business to Hanison Construction for USD 94 million. The acquisition provides Hanison with 3 additional properties used by the storage business.
- December 2018 - Thailand-based i-Store self storage partnered with Thai Movers Ltd to increase the "integrated moving and storage" service business. The collaboration achieves to gain 200 new customers by the end of 2019.
- Mandarin Self Storage
- CubeSmart LP
- Quraz Ltd.
- OSS Okinawa Self Storage
- Locker & Lock Pte Ltd
- UD Self Storage
- Extra Space Asia Corporate
- Extra Space Asia Corporate
- Storage King Pty Ltd
Key Topics Covered:
- Market Overview
- Introduction to Market Drivers and Restraints
- Rising Consumerism and Population Density is Driving the Market Growth
- Market Drivers
- Lack of Available Space to Build the Facilities is a Challenging Factor for the Market
- Market Restraints
- Industry Attractiveness - Porter's Five Force Analysis
- Threat of New Entrants
- Bargaining Power of Buyers/Consumers
- Bargaining Power of Suppliers
- Threat of Substitute Products
- Intensity of Competitive Rivalry
- By End-user
- Hongkong & Taiwan
- Australia & New Zealand
MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/azvyof
Research and Markets
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SOURCE Research and Markets