Dublin, Dec. 24, 2021 (GLOBE NEWSWIRE) -- The "Europe Self-storage Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Europe Self-storage Market is expected to grow at a CAGR of 4.13% over the forecast period (2021 - 2026). The Europe self-storage market has historically been subjected to moderate growth due to the rise in demand for consumers with improved urban lifestyles. However, the ongoing COVID-19 pandemic has resulted in a significant decline in market growth.
As a result of COVID-19, the previously estimated self-storage growth across applications is expected to decline as the pandemic restricts the supply chain and adoption due to severe disruptions to businesses and the global economy. The COVID-19 pandemic has resulted in limited production leading to a sharp decline in business inputs.
According to the survey conducted by an industry insider, about 88% of operators in Europe had their price listed online, 60% of the operators provided the facility to reserve storage units online, and 96% of the operators provided electronics access.
The Self-storage Association (SSA UK) also reported over 1,582 self-storage facilities in the United Kingdom, out of which 381 facilities provide container storage and 765 offer business storage predominately.
The country also offers massive opportunities for the domestic market vendors to expand, as the United Kingdom has only 0.68 sq. ft of storage space per head of population. However, the number is much higher in Australia (1.8 sq. ft) and the United States (9.4 sq. ft).
The rising adoption of self-storage services among the elderly and divorced people also fuels the market's growth. According to the recent SSA UK survey, 71% of the country's self-storage customers are 40-69 years old. However, awareness is still a significant concern in the country, as only 46% of the public has a reasonable understanding of self-storage.
Furthermore, with the arrival of emerging technology, the self-storage industry is anticipated to be positively influenced. For example, self-storage software presents features like specialized payment options, facility maps, online access for customers, and gate access integration. The cloud-based self-storage software, which has a centralized database hosted online, has gained popularity among enterprises because of its numerous advantages.
Owing to COVID-19, vendors, like Self Storage Group, which operates 112 sites across the Scandinavian region, have implemented several safety routines. These include travel restrictions for all workers, remote offices, and many facility disinfection. A management task force is constantly monitoring the latest development and implementing mitigating risk measures on a day-to-day basis.
Key Market Trends
Business Storage Expected to Gain Market Popularity
Although self-storage was originally intended for personal storage, businesses have slowly realized the importance of self-storage facilitates. According to the Self Storage Association, businesses account for close to 30% of all self-storage tenants.
Small businesses renting a self-storage unit would be a cost-effective, short-term, or long-term solution to address space management issues. The majority of self-storage business customers are start-ups; for them, it offers a flexible solution for office space, distribution, and storage of goods without requiring lengthy leases.
The self-storage operators are now catering more for business customers by offering meeting rooms, free Wi-Fi, and courier services. The advantage for operators is that business customers stay longer than domestic customers, giving them a stable income source.
Safestore, a key vendor in the UK self-storage market, revealed that some stores have reported that small- and medium-sized businesses use up to 60% of their self-storage units. Businesses operating in the e-commerce marketplace, construction companies, etc., have predominantly been using self-storage spaces.
With vendors in the market offering insurance services and advanced surveillance, like video, to safeguard the products stored, more businesses are looking forward to investing in self-storage units to keep their inventory running.
Germany Expected to Grow Significantly
Since the European self-storage market is still developing, Germany is still in its nascent stage compared to other countries in the region. However, according to the survey by FEDESSA, Germany has seen some of the most significant growth in supply over the last three years, increasing by around 50% of space. According to the Self Storage Association (the United Kingdom), Germany's self-storage space accounted for 6049000 sq. ft areas in 2018.
Germany poses various growth opportunities, as large urban areas with high population densities provide lucrative opportunities for the self-storage market to grow due to lack of space. Additionally, increasing urbanization and the decrease in living space are the main driving forces behind the German self-storage market's growth. The growing urbanization subsequently increases the demand for space, leading to a rise in property prices per square meter. Hence, these factors are leading to market growth.
Shurgard Self Storage SA
Safestore Holdings PLC
Self Storage Group ASA
W P Carey Inc.
Big Yellow Group PLC
Access Self Storage
Pelican Self Storage
Casaforte (SMC Self-Storage Management)
W Wiedmer AG
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