The Future Of Self Storage: What’s Coming In 2023 And Beyond?
The self storage industry has witnessed visible growth over the past few years, with technology overtaking many traditional self storage operations. The growth slowed down during COVID-19 but accelerated right after the pandemic ended.
Now the industry is booming and does not seem to be stopping anytime soon. 2023 is the year of transforming industry practices; there is much more to come.
The Asia-Pacific self storage market is expected to grow at a CAGR of 8.36% from 2022-2027. This is almost a full percentage point higher than expected growth worldwide. What are the trends that are going to drive this growth?
You need to know the self storage trends in 2023 and beyond. Let’s get into it!
Trend Predictions for 2023
Every self storage business must keep an eye on the latest industry trends to stay competitive. Here are some of the practices that will trend in 2023.
Use of Artificial Intelligence for Dynamic Pricing
Besides self storage management software, AI is also becoming popular for automating both simple and complex operations. With the increasing influence of technology and uncrewed operations, AI will be a top choice for improving self storage operations.
In US markets, companies have been utilising big data for dynamic pricing based on different factors. Asian markets such as Japan, Hong Kong, and Singapore have geared up to adapt to this trend.
Self storage businesses use Artificial Intelligence for dynamic pricing. The trend started in Japan and was then introduced to other Asian markets. Companies are also testing space calculators to get a competitive edge. This trend is expected to lead the industry in future years.
Energy Saving Technology
Energy efficiency has been a top trend in the corporate world, including self storage industry. It became popular first in Germany and then came to the Asia-Pacific market. Asian markets that focused on businesses have shifted their focus to household consumers.
They need energy-efficient systems to cater to the growing demand. The SSAA offers energy-saving technology to its member countries. The use of renewable energy, such as solar panels, will be common in self storage facilities. It will reduce utility costs for businesses in the long run and make operations more green and efficient.
Mobile Apps
Mobile apps have become part and parcel of the modern world and are now a popular trend in the self storage industry. Self storage companies have developed mobile applications to enhance their customer service.
Asian companies are popular for developing mobile apps for streamlining self storage operations. The speed of development in Asia is expected to focus on mobile apps to streamline operations and increase customer convenience.
Biometric Electronic Locks
Security is an important concern for self storage businesses, and facilities always look for ways to improve security measures. Biometric electronic locks are expected to become the norm in the industry. Many storage facilities have started using them, and others will join the trend soon.
Asian markets are ready to adapt to these advanced lock systems to make their storage facilities secure. They will find their place in all organisations looking to upgrade their services, from high-end facilities to smaller ones. The US market is one step ahead and uses Bluetooth lock systems for enhanced security. It will be the new normal.
Valet Services
Valet storage is becoming popular in Asia. Although it is not new in the US, self storage facilities in Asia have just started offering this service to provide full-service self storage to renters. They pick up the belongings from the customer’s home, pack them, and store them in their facility.
Asian countries such as Thailand and Japan can leverage their fast development cycle to expand their operations by adding such services. The trend will become popular in 2023 and continue in the upcoming years.
Bottom Line
Technological trends have accelerated the pace of evolution in the self storage industry. From self storage marketing to routine operations, everything is influenced by technology. You can expect to see these trends overtaking the self storage industry in the future. The future self storage facilities will be automated and technologically advanced with enhanced efficiency.
Frequently Asked Questions
What is the growth rate of the storage industry?
The storage industry is expected to grow at a CAGR of 7.54% between 2022 and 2027. As a result, the self storage market size is expected to reachUSD$83.6 billion in 2027 compared to USD$54.1 billion in 2021.
How big is the self storage industry?
The current market size of the self storage industry is around USD$51.3 billion. The industry, including European, American, and Asian-Pacific markets, is spread worldwide.
Is self storage a good investment for 2023?
Yes, self storage is a good investment for 2023. It has seen steady growth during previous years and is expected to grow more than 7% between 2023 and 2027. This makes it a viable investment opportunity.
Why is self storage growing?
Self storage is growing due to people’s changing lifestyles. People opting to downsize, moving homes, reorganising their homes, or living in rented residences generate high demand for self storage units.
Is storage space in demand?
Yes, storage space is in demand. The demand is expected to grow even more due to the increasing remote working and Work From Home trend. People need more space in their homes to set up a workspace and rent storage units to keep their belongings there.
What are the 5 factors necessary for storage?
The following five factors are necessary for storage.
Foolproof security
Adequate packaging
Climate-controlled systems
Easy accessibility
Cost-efficiency
What are the 4 types of storage facilities?
The four popular storage facilities are container storage, drive-up storage, mobile storage, and lockups. Each storage facility has unique features, and customers can choose the ideal type according to their needs.
To know more about the latest trends, check out Storeganise at https://storeganise.com/
