Whether it’s self-storage, temperature-controlled storage, or any of the many other iterations of available units, the industry continues to grow.
The industry’s growth is due to the improvement in the manufacturing sector following the recession and the previously mentioned exponential growth of e-commerce, and its need for warehousing space due to a lack of retail space. The industry has also flourished thanks to consistent developments through automation, different forms of self-storage, and more. (Source)
To help you better understand the industry, we have collected recent stats from the industry that give you a good idea about what to expect in the future.
Sef-storage is a fast-growing storage form thanks to families and businesses requiring additional space to store belonging and products. Self-storage allows the user to easily access their goods to more freely conduct business or use the facility as an extra place to store their products until they are needed in the future.
The self-storage industry’s annual revenue in 2019 was more than $39.5 billion, a 3.6% increase from the previous year and a nearly 50% increase since 2010 (Source) and have now paid over $3.5 billion in property taxes to local government authorities.
Warehouse Automation Stats
Automation allows warehouses to work more efficiently and prevent injury to employees. Automation has been slowly integrating into warehouses for decades, but thanks to technology, the amount of tasks automation handles grows each year.
Automation is becoming a large part of warehousing, shown by the average warehouse size today increasing to more than 180,000 square feet, compared to 127,000 square feet in 2006 due to the inclusion of SKUs, among other automated equipment. (Source)
E-commerce is the act of a company selling a product online so the buyer can purchase things not available in their region or just have the benefit of delivery right to their door. Over the past decade, e-commerce has grown more and more as the digital age becomes more prevalent.
In 2019 alone, $40 billion was spent online, accounting for 9.5 percent of all retail transactions and a nearly 50% increase from the $22.3 billion Canadians were spending online just five years ago. (Source)
The storage industry continues to grow year after year, with new technologies and practices consistently being implemented. With online sales globally totalling $446.8 billion in 2017 and projected to surpass $700 billion by 2022, the need for storage solutions will continue to grow. (Source)
At FlexSpace Logistics, we are constantly changing, evolving, and growing with the industry to ensure that we bring the very best services to our clients. When you work with us, you can feel at ease knowing that we are using the very best the industry offers, so your products are stored and shipped in a fast, efficient, and care-conscious manner.
If you’d like to get started, get a quote today, or contact one of our FlexSpace Logistics advisors to find the right solution for your business at 1-844-985-3539.