NEW YORK, Sept. 6, 2016 /PRNewswire/ --
Storage & moving services rely on demographics:
- People moving to get more storage space
- Increasingly populated urban areas with less in-home storage
- Developing acceptance of storing personal possessions away from home
- Businesses willing to store excess stock and supplies off site
- Formerly unfinished storage areas converted into living space
- Baby boomer downsizing
Self-storage to see rapid growth
Self-storage is projected to achieve the fastest annual gains through 2020. Growth will largely stem from advances in the small but rapidly developing mobile storage segment, which can still price at a premium compared to most fixed storage due to convenience issues. The increasing preference for value-added climate-controlled storage will further assist growth in the self-storage segment.
Full-service moving companies to outpace DIY truck rentals
Full-service moving is forecast to outpace DIY moving truck rental through 2020. This segment will benefit from an increasing number of older households downsizing and moving, as they are often unable or unwilling to perform the moves themselves, but are more likely to be able to afford the assistance. In addition, as the economy continues to improve, more households will pay for the greater convenience of full service moving.
Revenues vary by region
Revenues for self-storage and moving services vary significantly by region, state, and municipal area, as the need for these services is very localized. Regional markets are primarily influenced by local factors such as population size, density, age distribution, mobility, homeownership rates, and growth trends. Economic issues such as personal income patterns, business development trends, and the real estate market also affect industry growth. Since most customers try to rent space and a truck within a few miles of their location, being situated in close geographic proximity to a large pool of customers -- e.g., near a college campus or military base, or within a few miles of a relatively dense urban area -- is important. In 2015, the South and West were the largest regions and will represent 70 percent of the industry gains through 2020. The relatively high mobility rates of these regions will spur gains, even as demand will continue to be concentrated in the urban areas.
Self-Storage & Moving Services presents historical demand data (2005, 2010, 2015) as well as forecasts (2020, 2025) by service and region. The study also considers market environment factors, analyzes company market share and profiles 29 industry players.
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