|■ 英語タイトル：Europe Self-Storage Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)|
|■ 発行会社/調査会社：Mordor Intelligence|
The Europe Self-Storage market was valued at USD 3.22 billion in 2020 and is expected to reach USD 4.10 billion by 2026, at a CAGR of 4.13% over the forecast period 2021 – 2026. According to the survey conducted by an industry insider, about 88% of the 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 average self-storage rate per sq.. ft in the United Kingdom was around GBP 26.09 in October 2019 compared to GBP 25.90 in October 2018, according to Safestore. The market is also expanding due to businesses and consumers taking advantage of renting storage space. Also, British residents rent nine times more storage space than Germans and four times more than the French, offering a massive opportunity for the studied market vendors.
- The rising adoption of self-storage services among the elderly and divorced people is also fueling 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 also anticipated to be positively influenced. For example, self-storage software presents features, such as 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 the enterprises because of its numerous advantages.
- The market for Europe self-storage has historically been subjected to moderate growth due to the rise in demand for consumers with improved urban lifestyle. 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 of business inputs.
- Owing to COVID-19, vendors like Self Storage Group, which operate 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 is 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 stayed for more extended periods than domestic ones, 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. Vendors in the market are planning their construction spaces within the radius of small businesses, and in line with their requirements, like climate-controlled units of different sizes.
- Recently, Janus International has been offering its emerging technology-enabled solution, namely “Nokē Smart Entry System,” to replace the traditional unlocking storage process. It is a wireless, cloud-based digital key management solution that allows users to enter the facility using only a smartphone. It provides a fully automated move-in experience to meet today’s self-storage customers. Strategically designed to improve the end-user experience while giving facility managers more time in their day, the Nokē Smart Entry system offers a smarter, more convenient entry and unit access solution.
Germany Expected to Grow Significantly
- Since the European self-storage market is still developing, Germany is still in its nascent stage as 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 (UK), 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. Also, 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, which is also leading to a rise in property prices per square meter. Hence, these factors are leading to market growth.
- Further, the companies’ initiatives in the country and the government are also expected to boost the market growth. For instance, in April 2019, Metric Capital Partners LLP, the European private capital group, has established the MCP Self-Storage Platform, created to provide growth capital to independent self-storage operators to acquire and build self-storage assets across the European market. Metric Capital Partners entered into joint venture agreements with two operators in the UK and Germany to materially grow these two portfolios.
The self-storage industry in Europe is fragmented, with most facilities owned and operated by smaller independent operators. These operators are consistently developing new storage facilities across Europe. Also, the companies are making direct investments in self-storage real estate assets through joint ventures or partnerships. Some of the recent developments in the market are:
- January 2020 – Shurgard signed a purchase agreement for land in central-east London and is expected to receive a building permit for a new storage facility in 2020. The future 85 000 sq.. ft self-storage property is expected to open by mid-2021.
- January 2020 – Safestore Holdings PLC acquired Omb Self Storage SL for about EUR 17.3 million on a debt-free and cash-free basis, marking the U.K.-based company’s entrance into the Spanish self-storage market. OMB Self Storage operates four leasehold properties in Barcelona and one option to acquire the freehold for EUR 4.2 million. The company was 30% owned by its current management, who will remain with the business and 70% by a Spanish family office. Safestore aims to rebrand the stores and has taken over operation of the sites, effective immediately.
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1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness – Porter’s Five Force Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Impact of COVID-19 on the Europe Self-Storage Market
5 MARKET DYNAMICS
5.1 Introduction to Market Dynamics
5.2 Market Drivers
5.2.1 Increase in Awareness Amongst the People in the Region
5.2.2 Increased Urbanization, Coupled with Smaller Living Spaces
5.2.3 Improved Economic Outlook in Many Regions Leading to Business Growth
5.3 Market Restraints
5.3.1 Government Regulations with Respect to Commercial Real Estate
6 MARKET SEGMENTATION
6.1 By User Type
6.2 By Country
6.2.2 United Kingdom
6.2.5 The Netherlands
6.2.6 Scandinavian Countries (Norway, Denmark, Sweden)
6.2.7 Rest of Europe
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Shurgard Self Storage SA
7.1.2 Safestore Holdings PLC
7.1.3 Self Storage Group ASA
7.1.4 W. P. Carey Inc.
7.1.5 SureStore Ltd
7.1.6 Big Yellow Group PLC
7.1.7 Access Self Storage
7.1.8 Lok’nStore Limited
7.1.11 Pelican Self Storage
7.1.13 Casaforte (SMC Self-Storage Management)
7.1.14 W. Wiedmer AG
8 INVESTMENT ANALYSIS
9 FUTURE OF THE MARKET
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