Self-storage and Moving Services Market size to increase by USD 18.29 billion from 2022 to 2026 | Reduced housing space due to increasing urban population density drives the market - Technavio

NEW YORK, Sept. 7, 2023 /PRNewswire/ -- The self-storage and moving services market size is expected to grow by USD 18.29 million from 2021 to 2026. However, the growth momentum of the market will be progressing at a CAGR of 4.08% during the forecat period. Reduced housing space due to increasing urban population density is notably driving the self-storage and moving services market growth. The global urban population has experienced a noteworthy expansion in recent years. According to The World Bank Group, the global urban population progressed from 56% in 2020 to 57% in 2021. This urbanization trend has led to diminished housing availability in major cities worldwide. Consequently, the demand for innovative housing designs, such as micro-apartments, has surged. These micro-apartments offer efficient and comfortable ultra-compact living solutions to cater to the growing urban populace. The escalating demand for rental apartments has caused rent prices to surge in the US, resulting in a rental price index increase of 110 since May 2021. Consequently, individuals residing in small houses or rented apartments are increasingly resorting to self-storage services to house valuables, extra furniture, electronics, and documents, in order to optimize living space. This trend is poised to propel the growth of the global self-storage and moving services market throughout the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the self-storage and moving services market: Big Yellow Group PLC, CubeSmart LP, Extra Space Storage Inc., Kennards Self Storage Ltd., 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, and U Haul International Inc.
• The Self-storage and Moving Services Market is fragmented in nature.
• Market to observe 2.65% YOY growth in 2022.

Market Dynamics:

Trend & Challenges

Merging the global mobile homes market is an emerging market trend. A mobile home is a residential structure with a permanently attached chassis, produced entirely within a factory setting. Moreover, while transporting these mobile homes, customers often turn to self-storage facilities for temporary rental storage solutions. This safeguards their valuable possessions and household items from potential damage or theft. This pattern is anticipated to fuel the expansion of the global mobile homes market, consequently driving the growth of the focal market. Over the forecast period, the global mobile homes market is projected to achieve a Compound Annual Growth Rate (CAGR) of approximately 7.95%. Particularly in the US, the mobile homes market is witnessing notable progress, with a substantial penetration rate of around 8% to 10%. This growth is considerably influenced by individuals earning less than USD 20,000 annually, thereby propelling the mobile homes market in the US.

The shortage of truck drivers hampering vendors' operations is a significant challenge impeding the self-storage and moving services market growth. The global market for self-storage and moving services is substantially reliant on the trucking sector for the transportation and relocation of goods and cargo for both individuals and businesses. However, the worldwide trucking industry is currently grappling with a shortage of proficient truck drivers. This scarcity is projected to escalate gradually over the forecast period, exerting negative repercussions on market expansion. Additionally, European nations like Germany and the UK have also observed a deficit of skilled drivers in the years 2020 and 2021. This trend is projected to intensify, with estimates suggesting that around 40% of drivers in Germany are anticipated to retire by 2030. Furthermore, India is also facing a growing dearth of skilled truck drivers, with expectations of this shortage escalating to 50% by 2022. This shortage of skilled drivers is emerging as a noteworthy operational obstacle for businesses operating within the global self-storage and moving services market.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing report

Keg Segments:

This report extensively covers self-storage and moving services market segmentation by service (climate-controlled self-storage, full-service moving, non-climate controlled self-storage, and DIY moving truck rental) and geography (North America, Europe, APAC, South America, and the Middle East and Africa).

• The self-storage and moving services market share growth in the climate-controlled self-storage segment will be significant during the forecast period. The revenue from the climate-controlled self-storage market segment is anticipated to rise because of the rise in the volume of climate-controlled self-storage facilities. For instance, in the US, by the year 2022, in terms of volume, climate-controlled self-storage facilities are expected to grow to about 1.75 billion square feet. 

Get a glance at the market contribution of the segments, Request a Sample  

Related Reports:

The storage and warehouse leasing market is estimated to grow at a CAGR of 7.17% between 2022 and 2027 and the size of the market is forecast to increase by USD 91.27 billion.  This report extensively covers market segmentation by type (non-climate controlled and climate controlled), end-user (manufacturing, retail, consumer goods, food and beverages, and others), and geography (North America, APAC, Europe, South America, and Middle East and Africa). The increase in global demand for the warehousing and storage market is one of the key drivers supporting the market growth. 

The moving services market share in the US is expected to increase by USD 1.95 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 2.04%. This report extensively covers moving services market segmentation in the US by end-user (residential, corporate, military government, and others) and type (full-service moving and partial-service moving).  The growth in real estate agencies is one of the key drivers supporting the moving services market growth in the US. 

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Service

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio