New Delhi, March 05, 2024 (GLOBE NEWSWIRE) -- Global vehicle storage unit market is projected to hit the market valuation of US$ 22.85 billion by 2032 from US$ 13.64 billion in 2023 at a CAGR of 5.89% during the forecast period 2024–2032.
The long-term storage is booming. With the average rental period being 14 months, nearly half of the tenants stay for over a year. This reveals that vehicle storage has become more than just a quick and easy solution. It's not surprising that revenue has grown significantly as well. In 2023, self-storage businesses around the world earned $59.5 billion, which was a 3.6% increase from the year before and an astounding 75% increase since 2010. Small businesses are also heavily involved in this sector, making up 73% of facilities and controlling 52% of rentable square footage. This service can be found nearly anywhere in America vehicle storage unit market due to its high accessibility rate across the nation. There are over 51,200 facilities with a total of over two billion square feet available for rent! Plus, it’s used by many households at around 11.1%, and with an average monthly cost of $100.04 —it’s an affordable option for most people too.
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With all these benefits and features, it's no wonder why the industry provides jobs for over 170 thousand people in the United States alone—with about three and a half employees per facility. It was recorded that occupancy rates hit as high as 90% last year— just another piece showing how strong the national demand is for these storage solutions.
Advancements, Developments, and Future Trends
The vehicle storage unit market is constantly evolving. Every day, we see advancements in technology that aim to boost efficiency and make life easier for the customer. For example, security systems have gotten better—advanced even—and there are new automated access control methods and monitoring systems available. Meanwhile, other companies are focused on creating entirely new products. Some businesses now offer fully enclosed indoor car storage or covered spaces specifically tailored towards those who own collector or luxury vehicles. All of these developments come from data-driven insights and research aimed at uncovering new opportunities for growth in the industry.
As we look ahead to what’s next, a number of factors will likely drive an increased demand for services across the global vehicle storage unit market; population growth being one of them. Unfortunately, with more people comes less parking space. Additionally, as urbanization continues to grow and spread across the globe, so will business operations. Eventually, this may even lead them to adopt more eco-friendly solutions out of necessity.
That’s not all. Astute Analytica also anticipate major changes in the way market players operate internally as well as externally. The study predicts that technologies like IoT, AI, and automation will completely revolutionize the industry by making it more secure and efficient than ever before.
Key Findings in Vehicle Storage Unit Market
| Market Forecast (2032) | US$22.85 Billion |
| CAGR | 5.89% |
| Largest Region (2023) | North America (35.5%%) |
| By Type | Outdoor Vehicle Storage (30.3%) |
| By Tenure | Long Term Storage (70%) |
| By Application | Cars (55%) |
| Top Trends |
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| Top Drivers |
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| Top Challenges |
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By Tenure, End Users are Preferring Long Term Renting Vehicle Storage Unit
According to Astute Analytica’s research, long-term vehicle storage unit market around the world is experiencing a major boom in demand, snagging more than 70% of the revenue. The growth can be attributed to urbanization trends creating parking problems and a need for alternative storage options within packed areas. The facilities are very popular among owners of seasonal vehicles looking for secure and protected storage throughout the off-season. People who own RVs, boats, classic cars and similar vehicles use them to make sure their investment is safe. Long-term vehicle storage solutions are essential for consumers who downsize, spend an extended amount of time travelling or temporarily relocate. They’re also very important for military personnel, who often need to store their vehicles while deployed. Those who collect vintage and luxury vehicles turn to specialized facilities that offer climate control, advanced security systems and tailored maintenance services.
Some key trends identified in the global vehicle storage unit market include technology integration into these facilities like smart access, remote monitoring and automation features that provide extra convenience and security measures customers expect these days. We also found that indoor climate-controlled environments with optimal protection from damage will be increasingly demanded by consumers storing valuable or sensitive vehicles for long term. A growing trend in valet services such as pickup and drop-off will also help businesses grow by pleasing customers with a higher level of convenience. Niche facilities built specifically for certain types of vehicles like luxury cars or RVs will emerge in increasing numbers with specialized amenities and services offered on top of regular ones at no extra cost according to our study.
Cars Dominate the Vehicle Storage Unit Market, Capturing Over 55% Market Share
The car industry is a huge moneymaker for vehicle storage companies, with over 55% of all sales coming from passenger cars. As of 2023, there are more than 1.47 billion passenger and commercial cars around the world and more than 68.2 million cars are sold each year. Urban areas have become a hotspot for the car storage business as well. Since space in cities is limited, residents often pay high prices in order to park their vehicles. Instead of doing that, many people have opted to rent out one of these units instead.
Seasonal changes also lead to a higher demand for vehicle storage units. Areas with bad winters will need a place to store their vehicles during the colder months so they don’t get damaged by harsh weather conditions (or worse). Parking car outside during snowstorms can become dangerous or even deadly if end users live in an area that gets lots of them. People who travel extensively are more likely to have multiple vehicles and fewer parking spaces at home, which means they may be forced into renting out one of these storage units too.
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Global Vehicle Storage Unit Market is Highly Fragmented, Top 8 Players Hold less than 35% Revenue
CubeSmart, Kennards Self Storage, Life Storage, Public Storage, U-Haul, SecureSpace Self Storage, StorageMart, Price Self Storage are top 8 players in the market that are collectively accounting for less than 35% market revenue.
The industry for vehicle storage unit is made up of both larger, well-known companies and smaller, local businesses. Wherein, large market shares are held by well-known national companies including Extra Space Storage, CubeSmart, Public Storage, Life Storage, and U-Haul. These businesses gain from having well-known brands, vast networks of locations, and frequently provide a greater selection of amenities and storage alternatives. A network of smaller, independent operators and regional chains, such Kennards Self Storage, SecureSpace Self Storage, StorageMart, and Price Self Storage, coexist alongside these industry titans. Localized marketing tactics, competitive pricing, and customized service are common ways that these smaller businesses compete. In the vehicle storage unit market, they could also serve particular markets or provide specialist services.
The industry is seeing increasing competition as the demand for vehicle storage solutions continues to rise. Companies are differentiating themselves through various strategies. Some emphasize technology integration, providing smart access systems, remote monitoring, and online booking and payment platforms. Others focus on customer service excellence to build a loyal client base. Investing in marketing and advertising is also crucial for maintaining visibility in a crowded marketplace.
Global Vehicle Storage Unit Market Key Players
- CubeSmart
- Kennards Self Storage
- Life Storage
- Public Storage
- U-Haul
- SecureSpace Self Storage
- StorageMart
- Price Self Storage
- Other Prominent Players
Key Segmentation:
By Type
- Uncovered Parking Spaces
- Covered Vehicle Storage
- Indoor Vehicle Storage Units
- Outdoor Vehicle Storage
By Tenure
- Long Term Storage
- Short Term Storage
By Application
- Cars
- RVs
- Motorcycles
- Trucks
- Boat
- Jet Ski
- ATV
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
- South America
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