How self-storage industry is evolving in India

Self-storage is a relatively new concept in India, but it is rapidly gaining popularity. The concept is simple: people rent out space to store their belongings, from furniture and appliances to documents and clothes. Self-storage facilities come in a range of sizes and are usually rented out on a monthly basis. Here’s an overview of the self-storage industry, personal self-storage, which is a revolutionizing solution.

New Concept in India

The pandemic has catalyzed this bubble, which has led to a rise of business owners and people resorting to self-storage. With the new norm being working from home, rent-saving has been the major driver in this field. Developing urbanization and enhanced economic outlook has given a boost towards the development of this sector.

According to a report by Research and Markets, the global self-storage market valued at USD 48.02 billion in 2020 and is expected to reach a value of USD 64.71 billion by 2026, registering a CAGR of 5.45% over the forecast period, 2021-2026. In India, the industry is in its growing phase and continues to make rapid growth in the coming years.

Storage rental in India is offered in three segments- room storage, warehouse storage, and box storage. Customers can choose depending on their needs, and only they can access the room or locker through their keys.

What do people do when they need more space?

The millennial perspective of the new-gen inclines to a minimalistic and de-cluttered life, and personal rooms offer customers to keep their belongings in an extension to their house. The major drivers for storage units are dislocation, death, divorce, or populated homes. And, the nationwide lockdown just triggered a surge in need to store office and household objects. Pandemic disturbances forced companies and people to reconsider their space requisitions. And gradually, the focus shifted to enhance the quality of life in their residential space.

Majorly the requirement of storage space arises when people go through building manufacture, downsizing, restoration, relocation, or asset liquidation. Also, residents look for space when making life-changing movements such as birth, adoption, divorce, death, student moving out, job relocation, and elderly shifting to retirement houses.

Demand of self-storage facilities in India

The self-storage industry in India is in a fledgling phase with limited organized players and limited space capacities. However, more players are entering the business bringing further investment and boom to the self-storage facilities.

The increasing dominance of apartments and enhanced co-living drive demand for self-storage units. However, the Asian markets will witness a veritable boom going forward, and it will take some time for them to catch up with the US self-storage industry.

The rise of e-commerce.

One of the reasons for the growth of the self-storage industry in India is the rise of e-commerce. With online shopping becoming increasingly popular, people are receiving more packages than ever before. Many people do not have space in their homes to store all these items, leading to a need for external storage solutions.

What is the future outlook of the storage industry in India

Due to the minimalistic living concept becoming popular with this sharing economic generation, the need for storage spaces is going to increase in the coming years. Luckily these pandemic times have helped the public storage industry get required recognition, as most of the work from home techies required extra storage spaces to leave their household stuff. Technology driven portals and marketplaces try to solve perennial common man problems of goods storage and parking spots.

How the storage units and facilities are booming currently

The pandemic has extensively stimulated the demand for public storage facilities. Apart from work from home employees, we also have clients from various different sectors like students, small businesses owners, traders, people renovating or redeveloping their houses, or people who want to endorse minimalism. The number of transactions on the portal of customers looking for dedicated storage and parking spaces has increased substantially.

In summation the self-storage industry in India is poised for continued growth. As more people become aware of the benefits of self-storage and as the sharing economy and e-commerce continue to expand, the demand for storage solutions is only likely to increase. To support this growth, the industry will need to focus on improving standards and raising awareness among consumers.

Disclaimer : The above is a sponsored article and the views expressed are those of the sponsor/author and do not represent the stand and views of The Tribune editorial in any manner.