Residential Outdoor Storage Market Size

Market Outlook:

Residential Outdoor Storage Market size surpassed USD 1.45 Billion in 2022 and is poised to reach USD 2.3 Billion, growing at over 4.6% CAGR between 2023 and 2030. The market valuation for residential outdoor storage is projected to increase substantially in the coming years, driven by various factors such as changing consumer preferences, increasing urbanization, and rising demand for storage solutions among homeowners.

• Base Year Value (2022): USD 1.45 Billion
• CAGR (2023-2030): 4.6%
• Forecast Year Value (2030): USD 2.3 Billion
• Historical Data Period: 2018-2021
• Largest Region: North America
• Forecast Period: 2023-2030

Market Dynamics:

Growth Drivers & Opportunities:

1. Increasing Need for Additional Storage Space: With the rapid urbanization and shrinking living spaces, the demand for residential outdoor storage solutions has surged. Homeowners are increasingly looking for ways to maximize their available space by utilizing outdoor areas for storage purposes, leading to a growing market for residential outdoor storage.

2. Rising Incorporation of Outdoor Living Spaces: The trend of creating outdoor living spaces has gained significant popularity. Homeowners are now investing in outdoor furniture, equipment, and appliances, resulting in a greater need for storage options to protect and store these items when not in use. This trend is providing abundant growth opportunities for the residential outdoor storage market.

3. Growing Interest in Gardening and Outdoor Activities: The increasing interest in gardening, DIY projects, and outdoor recreational activities is fueling the demand for residential outdoor storage solutions. Homeowners are seeking storage solutions that can store gardening tools, sports equipment, and other outdoor supplies, thereby propelling the market forward.

 

Industry Restraints & Challenges:

Report Scope

Report Coverage	Details
Segments Covered	Material, product, distribution channel, region
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	ShelterLogic Group, Lifetime Products, Suncast Corporation, CEDARSHED USA, Tuff Shed Inc., Backyard Buildings & More, Keter, Rubbermaid, Leisure Season Ltd, Barnyard Utility Buildings

1. Limited Space Availability: In densely populated urban areas, the availability of outdoor space for storage purposes is often limited. This poses a challenge for market growth as homeowners may face constraints in finding appropriate areas for installing outdoor storage units.

2. Weather and Climate Constraints: Outdoor storage solutions are exposed to various weather conditions, including rain, sunlight, and extreme temperatures. This exposure can cause damage to the stored items, leading to a potential challenge for market growth. Manufacturers need to design and produce durable and weather-resistant storage solutions to overcome this challenge.

3. Cost Considerations: The cost of residential outdoor storage solutions can sometimes be a limiting factor for consumers. Higher-quality and more advanced storage units may come with a higher price tag, making them less accessible to price-sensitive consumers. Manufacturers and retailers need to address this challenge by offering a range of products at different price points to cater to diverse customer segments.

In conclusion, the residential outdoor storage market holds immense potential for growth. Factors such as the need for additional storage space, the rising trend of outdoor living spaces, and the increasing interest in gardening and outdoor activities are driving market growth. However, challenges such as limited space availability, weather constraints, and cost considerations need to be addressed by industry stakeholders to sustain and expand the market.

Regional Forecast:

1. North America:

The residential outdoor storage market in North America is driven by the increasing trend of outdoor living and homeowners' desire to maximize their outdoor spaces. The availability of a wide range of products, such as sheds, garages, and metal storage units, coupled with the rising demand for customized storage solutions, contributes to the market growth in the region.

2. Asia Pacific:

The Asia Pacific region is experiencing significant growth in the residential outdoor storage market due to rapid urbanization and the increasing number of residential construction projects. The demand for storage solutions, including sheds and garages, is driven by the need to organize outdoor spaces efficiently. Rising disposable incomes and changing lifestyles also play a role in the market expansion.

3. Europe:

Europe represents a mature residential outdoor storage market, with a high level of product adoption and demand. The market growth in this region is driven by factors such as increasing focus on garden aesthetics, rising number of residential renovations, and the need for storage solutions in limited space environments. Sheds and garages are popular choices among European homeowners for storing garden tools, bicycles, and other household items.

Unlock insights tailored to your business with our bespoke market research solutions - Click to get your customized report now!

Request Customization