Revenues from all types of self-storage and moving services, including traditional storage facilities, self-storage units, mobile storage units, climate-controlled storage units, full-service movers, and do-it-yourself truck rentals, are projected to hit $71 billion by 2020. After a prolonged recession and sluggish recovery, individuals and best out of state movers companies are beginning to migrate faster, fueling progress.
An additional driver of expansion is the widespread problem of insufficient closet space in American dwellings. Revenues for such services vary widely between countries, states, and cities. Local characteristics, including population size, congestion, age distribution, mobility, ownership rates, or growth patterns, are the most significant drivers of regional markets.
Submarkets with the highest sales volume
The South Atlantic & Pacific regions were the most populated in the world in 2015, making them the two most important markets for ego and moving services. Because people tend to move more in the South and West than in the other areas, the West South Central grew to be the third biggest subregion. The East North Central region has more people overall, but the Mid – Atlantic subregion, which has a higher population density and larger cities, tends to fare better.
Predictive Demand Factors
Revenues may vary widely, even in places of comparable size. It’s important to think about accessibility, homeownership, and financial security. For instance, the percentage of homeowners is higher than the national average in the East North Central, West North Central, or East South Central areas.
Spending on storage units and moving companies are below average in these areas. Population concentrations are decreasing, and this pattern is largely attributable to owners being less nomadic than renters. The potential for a region’s storage and moving industry may be gauged by looking at the number of new businesses, new buildings, and the average income of the region’s residents.
Positions of Organizations Providing Moving and Storage Services
Moving and storage facilities need to be conveniently positioned near their target customers. Customers often choose a storage facility or moving truck rental location within a mile or two of their residences. Customers want quick and simple access to their goods, making convenience a top priority for storage facilities. Rental truck companies rely heavily on this information since most customers want to limit their mileage costs. Because of this, companies often prefer to locate their shops near big concentrations of prospective clients, such as a university or military post, or within just a few minutes of a major city.
U.S. sales are predicted to be $23.9 billion, while China’s are expected to increase at a CAGR of 6.2%
By 2020, the market for self-storage or moving services in the United States is predicted to be worth $23.9 billion. The market size in China, the world’s second-biggest economy, is expected to reach US$22.1 Billion by 2027, growing at a CAGR of 6.2% during the analyzed period of 2020 to 2027. Japan and Canada are other important regional markets with projected growth rates of 6.3% and 5.3%, respectively, from 2020-2027. Germany is anticipated to expand at a CAGR of around 5.3% within Europe.
The Self-Storage Industry as a Whole is Expected to Grow by 5.7%, while the Non-Climate-Controlled Segment is Expected to Grow Even
The United States, Canada, Japan, China, and Europe are all expected to contribute significantly to the 5.7% CAGR forecasted for the worldwide non-climate controlled self-storage market. By the end of the forecast period, these regional markets worth $11 billion in 2020 are expected to grow to $16.3 billion. Compared to the other markets in this area, China will continue to be one of the most dynamic. The Asia-Pacific region is expected to have a $14.5 billion market by 2027, driven by nations like Australia, India, & South Korea.
The Market for Self-Storage & Moving Services Worldwide is Expected to Grow to $126.5 Billion by 2027
After being valued at US$80.8 Billion in 2020, the worldwide market for Self-Storage & Moving Services is expected to expand to a peak of 126.5 Trillion dollars by 2027, expanding at a CAGR of 6.6% during the research period of 2020–2027.
The study projects that the climate-controlled self-storage market will grow at a CAGR of 7.2%, reaching US$70.4 Billion by the conclusion of the analysis period. However, early examination of the commercial ramifications of the virus and its caused economic crisis led to a reduced 6.4% CAGR for the following seven years in the Full-Service Moving category.
The Freedonia Group’s “Self-Storage & Moving Services” report provides a historical analysis of demand and regional and service-specific projections.