Market Trends of Scandinavia Self-Storage Industry
This section covers the major market trends shaping the Scandinavia Self Storage Market according to our research experts:
Personal Storage Segment to Drive the Market
- In the present scenario in the Scandinavia region, house owners and customers are going engagingly when it comes to their tangible properties. Inclinations in the housing market support downsizing to compact and small living spaces like condos, which prompt house owners to determine whether they’re running or abandoning larger items.
- In the Scandinavia region, in many advanced countries like Norway, Sweden, and Denmark, among others, several building types have flourished like self-storage lockers. They’ve demonstrated to be one of the most significant income-generating sources in real estate over the past years.
- Administrators in the self-storage services business in the region have profited from constant need from Australian customers over the past five years. Customers that are relocating for work or study often use business services, as few competitive replacements exist. Users in the transition between primary areas of residence are other sources of business requirements.
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Norway Expected to Dominate the Market
- Since the Scandinavia self-storage market is still developing, Norway is still in its nascent stage compared to other countries in the region. The growth in this industry in the country is anticipated to be assertive, during the forecast period, due to the trends of grown urbanization and developed economic outlook, which have led to further business growth.
- OK Minilager is the biggest Self Storage chain in Norway, operating more than 70 facilities across the country. The business gives a low-cost storage solution to both individuals and firms. In addition to price, the firm has a focus on security and ready access for its clients.
- However, in Feb 2020, Self Storage Group ASA has agreed with Wessel-Invest AS to acquire Ulven P28 AS (the "Target"). The Target is the proprietor of Persveien 28 Ulven, Oslo. The business has a business value of approximately NOK 47 million.
- Increasing urbanization is one of the notable factors that are driving market growth in Norway. According to the World Bank, in 2019, 82.62% of Norway's total population lived in urban areas and cities. The growing urban community means smaller and more expensive living places in towns and the creation of more renters who move around more often.
- The growing trend in the eCommerce sector, starting physical stores for pick-up and delivery, also encourages the growth of the self-storage market in Norway. For instance, according to DIBS Payment Services, the Norwegian e-commerce market's turnover was rising steadily over the period from 2012 to 2019 and touched over 163 billion Norwegian kroner in 2019.
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