Asia-Pacific Self Storage Market Size (2024 - 2029)

APAC Self Storage Market Analysis

The Asia-Pacific Self Storage Market size in terms of lettable area is expected to grow from 30.10 Million square feet in 2024 to 43.95 Million square feet by 2029, at a CAGR of 7.86% during the forecast period (2024-2029).

The market is transitioning considerably since the business grows at different rates in different countries. This is based on parameters such as ownership/property type, land rate, and investment models.

• The growing population in Asia-Pacific, as indicated in the graph alongside the urbanization, public awareness, and the expansion of small enterprises, especially in countries like Hong Kong, Taiwan, Malaysia, and so on, are analyzed to boost the demand for self-storage facilities in the region.
• Additional factors driving the demand for self-storage facilities include e-commerce expansion, increased remote working and flexible office space, ongoing migration into cities, and the rapid development of renters.
• The growing living space costs in the region significantly contribute to the market growth rate. For instance, the living space per person in Hong Kong is much less compared to developed economies like the United States. To provide more context, according to the Census and Statistics Department of Hong Kong, in 2021, the average living space of public rental housing tenants in Hong Kong was 13.5 sq. m per person, and it has historically remained between 13 to 13.5 sq. m from 2017 to 2021.
• Urbanizable/developable land is both expensive and scarce. Building bye-laws and planning regulations are two ways that local governments control and manage development. Many cities have development control laws created years ago and have been modified haphazardly without enough empirical proof of their effects.
• COVID-19 has impacted several economies and industries; however, some industries continue to expand steadily. The self-storage industry has not been severely affected by the pandemic and has grown gradually with the consumer demand for storage. The past two years of the pandemic have seen enormous individual relocations and office space reductions. Due to this circumstance, the demand for self-storage has increased at an unprecedented rate.

APAC Self Storage Industry Segmentation

A self-storage facility provides a rented space for storing one's belonging and goods. This can be for personal or commercial services availed by the client, depending upon the purpose of renting the storage facility. Companies also provide advanced security options and climate-controlled spaces, depending on the client's needs.

The study tracks the key market parameters, underlying growth influencers, and major vendors operating in the industry, which supports the market estimations and growth rates during the forecast period. The study tracks the total lettable area across countries in Asia-Pacific. The study provides the Asian-Pacific market trends, along with key vendor profiles. The study analyzes the impact of COVID-19 on the ecosystem.