South Korea Self-Storage Market Share

Market Share of South Korea Self-Storage Industry

Local Players Dominate Fragmented Market

The South Korean self-storage market is fragmented, with local players dominating the scene. A mix of specialized storage companies and real estate firms entering the sector characterizes the competitive landscape.

Projected Market Size: By 2023, the number of self-storage facilities is expected to reach 226, with a lettable area of 513,246 sq. ft. Leased properties currently account for 54% of the market, edging out self-owned properties.

Technological Innovation Drives Market Leaders

Major companies such as Extra Space Asia, Boxful Korea, and Storehub Korea Co., Ltd. distinguish themselves through innovation and strategic locations.

Technology Integration: These market leaders offer online reservations, flexible leasing terms, and facilities located near urban centers with easy access via public transport. For example, Nemo Storage saw a surge in demand due to the pandemic, attributed to reduced international travel and increased flexible work arrangements.

Factors for Future Success in the Market

Key success factors for companies in this market include technological advancements, optimal location selection, and flexibility in storage solutions.

Reshoring Impact: The reshoring of businesses back to South Korea, which increased from 3% in 2020 to 27.8% in 2022, offers opportunities for market expansion.

South Korea Self-Storage Market Leaders

1. Extra Space Asia

2. Boxful Korea

3. StoreHub Korea Co., Ltd.

4. QubizKorea Co.,Ltd (Q Storage)

5. Self Box

*Disclaimer: Major Players sorted in no particular order