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

The Asia-Pacific self-storage market is experiencing significant growth, driven by various factors such as urbanization, e-commerce expansion, and increased remote working. The market's expansion is influenced by the rising demand for storage solutions due to high living space costs and the scarcity of affordable land. Despite the challenges posed by the COVID-19 pandemic, the self-storage industry has shown resilience and continued growth, as individuals and businesses seek additional space for their belongings. This growth trajectory varies across different countries in the region, shaped by local ownership structures, land rates, and investment models.

Market Size of Asia-Pacific Self Storage Industry

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:
Asia-Pacific Self Storage Market
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR (2024 - 2029) 7.86 %
Market Concentration Low

Major Players

Asia-Pacific Self Storage Market Major Players

*Disclaimer: Major Players sorted in no particular order

Need a report that reflects how COVID-19 has impacted this market and its growth?

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:

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.

The Asia Pacific self storage market is segmented by end-user (personal and business) and country (Japan, China, Hong Kong and Taiwan, Singapore, Malaysia and the rest of Asia Pacific). The report offers market sizes and forecasts in terms of total lettable area (square feet) for all the above segments.

By End User
Personal
Business
By Country***
Japan
China
Hong Kong
Taiwan
Singapore
Malaysia
Need A Different Region Or Segment?
Customize Now

Asia-Pacific Self Storage Market Size Summary

The Asia-Pacific self-storage market is experiencing significant growth, driven by factors such as urbanization, population growth, and the expansion of e-commerce. The market is characterized by a diverse range of growth rates across different countries, influenced by variables like property ownership types, land rates, and investment models. The increasing cost of living space, particularly in densely populated areas like Hong Kong, Singapore, and Tokyo, is a major contributor to the rising demand for self-storage facilities. As urban populations grow and living spaces become more constrained, the need for secure and efficient storage solutions is becoming more pronounced. The market is also benefiting from trends such as remote working, flexible office spaces, and ongoing migration to urban areas, which are all contributing to the heightened demand for self-storage options.

In Japan, the self-storage market has gained traction as a viable real estate investment, with various business models such as trunk rooms, rental-storage spaces, and rental containers catering to different consumer needs. The market is highly fragmented, with numerous vendors operating in countries like Japan, Singapore, and Malaysia, while emerging markets like India are witnessing the entry of new players. The COVID-19 pandemic has not severely impacted the industry; instead, it has led to increased consumer demand for storage solutions due to relocations and office space reductions. Companies are expanding their presence through new facilities and innovative services, such as home delivery support, to meet the evolving needs of consumers. The market is poised for continued growth, with significant expansions expected in response to the increasing demand for long-term storage solutions.

Explore More

Asia-Pacific Self Storage Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Attractiveness - Porters Five Forces Analysis

      1. 1.2.1 Bargaining Power of Suppliers

      2. 1.2.2 Bargaining Power of Buyers

      3. 1.2.3 Threat of New Entrants

      4. 1.2.4 Threat of Substitute Products

      5. 1.2.5 Intensity of Competitive Rivalry

    3. 1.3 Assessment of Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By End User

      1. 2.1.1 Personal

      2. 2.1.2 Business

    2. 2.2 By Country***

      1. 2.2.1 Japan

      2. 2.2.2 China

      3. 2.2.3 Hong Kong

      4. 2.2.4 Taiwan

      5. 2.2.5 Singapore

      6. 2.2.6 Malaysia

Asia-Pacific Self Storage Market Size FAQs

The Asia-Pacific Self Storage Market size is expected to reach 30.10 million square feet in 2024 and grow at a CAGR of 7.86% to reach 43.95 million square feet by 2029.

In 2024, the Asia-Pacific Self Storage Market size is expected to reach 30.10 million square feet.

APAC Self Storage Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)