In 2025, the degree of urbanization worldwide was at 58 percent. North America, Latin America, and the Caribbean were the regions with the highest level of urbanization, with over four-fifths of the population residing in urban areas. The degree of urbanization defines the share of the population living in areas defined as "cities". On the other hand, less than half of Africa's population lives in urban settlements. Globally, China accounts for over one-quarter of the built-up areas of more than 500,000 inhabitants. The definition of a city differs across various world regions - some countries count settlements with 100 houses or more as urban, while others only include the capital of a country or provincial capitals in their count. Largest agglomerations worldwideThough North America is the most urbanized continent, no U.S. city was among the top ten urban agglomerations worldwide in 2023. Tokyo-Yokohama in Japan was the largest urban area in the world that year, with 37.7 million inhabitants. New York ranked 13th, with 21.4 million inhabitants. Eight of the 10 most populous cities are located in Asia. ConnectivityIt may be hard to imagine how the reality will look in 2050, with 70 percent of the global population living in cities, but some statistics illustrate the ways urban living differs from suburban and rural living. American urbanites may lead more “connected” (i.e., internet-connected) lives than their rural and/or suburban counterparts. As of 2021, around 89 percent of people living in urban areas owned a smartphone. Internet usage was also higher in cities than in rural areas. On the other hand, rural areas always have, and always will, attract those who want to escape the rush of the city.

According to Cognitive Market Research, the global Self Storage Service market size will be USD 57815.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 6.20% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 23126.20 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 17344.65 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 13297.57 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.2% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 2890.78 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.6% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 1156.31 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.9% from 2024 to 2031.
The Small category is the fastest growing segment of the Self Storage Service industry

Market Dynamics of Self Storage Service Market

Key Drivers for Self Storage Service Market

Urbanization and Population Growth to Boost Market Growth

Urbanization and population growth are key drivers of the self-storage service market due to the increasing demand for living and working space in densely populated urban areas. As cities grow, living spaces become smaller and more expensive, leading residents to seek alternative storage solutions for personal belongings. Urban professionals, students, and families with limited home storage find self-storage units convenient for seasonal items, furniture, and extra household goods. Moreover, businesses in growing cities need flexible, cost-effective storage options for inventory, equipment, and documents. The rise of startups, small businesses, and e-commerce companies in urban areas further boosts demand. As urbanization continues, the need for efficient, accessible storage solutions is expected to grow, driving the expansion of the self-storage market. For instance, Singapore's GIC, a prominent real estate investor, has teamed up with Australia's National Storage REIT to establish the National Storage Ventures Fund. This initiative is focused on constructing self-storage facilities throughout Australia. The collaboration plans to allocate AUD 270 million (approximately USD 179.5 million) over the upcoming 12 to 18 months to finalize ten projects within NSR's initial development portfolio.

Growing E-commerce and Retail to Drive Market Growth

The growth of e-commerce and retail significantly drives the self-storage service market as businesses increasingly require flexible storage solutions to manage inventory and operational efficiency. E-commerce companies, in particular, benefit from self-storage units for storing seasonal merchandise, surplus stock, and packaging materials without committing to long-term leases for larger warehouses. This flexibility allows businesses to scale operations based on demand without incurring high overhead costs. Additionally, as brick-and-mortar retailers adapt to changing consumer behaviors, they often utilize self-storage to optimize in-store inventory, manage excess stock, and accommodate shifts in product offerings. The increasing reliance on online sales and the need for efficient supply chain management underscore the growing importance of self-storage services, making them essential for businesses seeking agility and cost-effectiveness in a competitive retail landscape.

Restraint Factor for the Self Storage Service Market

High Operational Costs will Limit Market Growth

High operational costs significantly restrain the self-storage service market by impacting profitability and limiting expansion opportunities for operators. Setting up self-storage facilities requires substantial initial investment in land, construction, and necessary security measures, including surveillance systems and climate control features. Ongoing expenses such as maintenance, utilities, insurance, and property taxes can further strain budgets, especially for smaller operators or new entrants in the market. These high costs can lead to increased rental prices for consumers...