APAC Self Storage Market 2021
DUBLIN, November 26, 2021 / PRNewswire / – The report “Asia-Pacific Self Storage Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” has been added to ResearchAndMarkets.com offer.
The Asia-Pacific self-storage market is expected to register a CAGR of 13.12% during the forecast period (2021 – 2026).
The market is faced with its own pace of transition since business grows at different rates depending on the country. This is based on parameters such as type of property / property, land rate, investment models.
- The main driver of the market is the growing trend to store personal belongings outside the home. This is due to the growing affluent population, changing lifestyle and business practices. The commercial use of self-storage is increasing due to the increase in e-commerce, especially in China and India.
- The industry suffers from a lack of awareness. Customers should learn the difference between self-storage and warehousing or other more traditional storage methods. The availability of space to build is also a major challenge for sellers. Due to the increase in population, vendors have no choice but to convert existing facilities into self-storage space.
Key market trends
Business use case to witness huge growth
- Heavy use of mobile phones for shopping as well as the emerging trend of mobile payment are driving the demand for storage of e-commerce products. The constant evolution within the e-commerce space and the encouragement from the government has given the industry a big boost.
- The concept of self-storage is prevalent among young online store owners who need flexible solutions to manage their inventory.
- According to Rakuten Marketing, retail sales in Australia outmoded 300 billion dollars in 2018. There is also a strong preference for offline shopping in this region due to the high shipping costs in online shopping.
- China holds the largest market share in e-commerce. This is also due to the rapid growth of the population. In 2017, a Hong Kong-based announced a $ 28 million Investment in China Mini Storage (CMS), one of the pioneers of mini self-storage operators on the continent.
- CMS has set up 20 lockers in Beijing, mainly in coworking spaces. Orange Self Storage (OSS) opened its first facility in 2018 in Karnataka, India. It initially focused on commercial spaces and has now expanded to malls and hotels.
Thailand dominate the market
- The main driving force behind the market is demographic change, changing lifestyles and urbanization. According to the United Nations, half of Thailand population now lives in urban areas.
- The Bangkok metropolitan area is home to the majority of Thailand urban population and generates more than half of the country’s GDP. It is also home to most of the self-storage operators in the country, with some located in areas such as Phuket and Pattaya.
- Demand has long been driven by residential demand as the average unit size has halved since 2004.
- However, the demand is also caused by the non-residential side of entrepreneurs and SMEs looking for flexible storage solutions for e-commerce businesses. According to Google, Thailand is actually South East Asia second largest e-commerce market and is expected to grow more than four times by 2025.
The self-storage market in Asia Pacific is fragmented due to the presence of suppliers in countries such as Japan, Singapore, Singapore and Malaysia. Emerging countries of which India represent a meager market share.
- July 2019 – Self-service storage (India) announced the launch of its latest facility, located in Noida. The facility offers seven sizes of private storage units ranging from a compact 50 square foot to a spacious 220 square foot; meet personal and corporate storage needs.
- July 2019 – Blackstone sold his Hong Kong self-storage company in Hanison Construction for $ 94 million. The acquisition provides Hanison with 3 additional properties used by the storage business.
- december 2018 – ThailandI-Store-based self-storage has partnered with Thai Movers Ltd to develop the “integrated moving and storage” service business. The collaboration allows to gain 200 new customers by the end of 2019.
- Mandarin Self Storage
- CubeSmart LP
- Quraz Ltd.
- Self-service storage OSS Okinawa
- Locker & Lock Pte Ltd
- UD self-service storage
- Asia Enterprise additional space
- Asia Enterprise additional space
- King Storage Pty Ltd
Main topics covered:
- Market Snapshot
- Introduction to market drivers and constraints
- Rising Consumerism and Population Density Drives Market Growth
- Market factors
- Lack of space available to build the facilities is a difficult factor for the market
- Market constraints
- Industry Attractiveness – Porter’s Five Forces Analysis
- The threat of new participants
- Bargaining power of buyers / consumers
- Bargaining power of suppliers
- Threat of substitute products
- Intensity of competitive rivalry
- By end user
- Hong Kong & Taiwan
- Australia & New Zealand
MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information on this report, visit https://www.researchandmarkets.com/r/azvyof
Research and markets
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SOURCE Research and Markets