• 出版社/出版日：Mordor Intelligence / 2021年1月
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The Vietnam self-storage market is expected to grow at 4.1% CAGR during the forecast period of 2021-2026. The self-storage industry is a sub-sector of the commercial real estate market. The growth in this industry is expected to be positive, during the forecast period, due to the trends of increased urbanization and improved economic outlook, which have led to new business growth. Although self-storage facilities are widely available in mature markets, such as the United States and western Europe, they remain a relatively new concept in Asian markets, such as Vietnam, the Philippines, etc.
– The prevailing trend in the e-commerce sector, of opening physical stores for pick-up and delivery, also supports the growth of the self-storage market. Along with the rising growth of the e-commerce sector across Vietnam, niche service demands like a climate-controlled environment and specialized spaces for sports equipment, also provide many growth opportunities to the Vietnam self-storage market.
– According to ISEAS-Yusof Ishak Institute, approximately USD 1 billion has been poured into Vietnam’s e-commerce vertical over the last four years, reaching a record high in 2019. According to recent research by ISEAS-Yusof Ishak Institute, Southeast Asia’s e-commerce sector will triple to USD 240 billion by 2023. The increasing investments in the e-commerce sector will drive the country’s adoption of self-storages.
– In 2019, Vietnam’s economy continued to observe fundamental strength and resilience supported by robust domestic demand and export-oriented manufacturing. According to the data provided by Worldbank, real GDP grew by about 7% in 2019, which is considered to be one of the fastest growth rates in the Asia Pacific region. The strong growth in GDP is one of the potential drivers for the Vietnam Self-storage market.
– Vendors in the market are employing social media to engage their customers and secure their leads across the sales funnel. Vendors in the market invest in automating their operations procedures to achieve significant profits, improved efficiency, and faster growth. The deployment of kiosks and online booking services for effective and quicker customer service is an example of this strategy.
– With its deep integration with the global economy, Vietnam has been hit significantly by the COVID-19 pandemic. However, the pandemic’s health impact has not been as severe in Vietnam as in other countries due to proactive measures at the national levels. The macro-economic and fiscal framework remains resilient, with a reported GDP growth rate of 3.8% in the Q1 of 2020 (according to Worldbank). Vietnam’s economic growth is projected to slow down to 3-4% in 2020 compared to 6.5% pre-crisis projections. COVID-19 pandemic has also shown the need for more robust economic reforms to help the medium term’s business recovery. As a result of the economic downturn, it will affect the adoption of self-storage solutions upto some extent.
– As the country has significantly managed the COVID-19 pandemic situation with precautionary measures, the self-storage vendors continue their businesses as usual. For example, KingKho Mini Storage’s Hanoi facility has opened to meet the customer’s typical storage demands.
Key Market Trends
Increased Urbanization, Coupled with Smaller Living Spaces is Expected to Drive the Self-Storage Demand in Vietnam
– The Asia Pacific region is anticipated to have the highest urban population by 2030. With a substantial share in global consumer spending, the region is expected to emerge as a profitable market for self-storage vendors.
– Growing urbanization in Vietnam is one of the significant factors that are positively driving the market growth. Growing urban populations mean smaller and increasingly expensive living spaces in cities and the creation of more renters who move around more frequently. According to Worldbank, currently, Vietnam has an urban population of nearly 37% of the overall country’s population. The urban population was below 30% four to five years back; the increased urban population in Vietnam is creating an opportunity for the self-storage market.
– In Asia, the self-storage market is established in the densely populated and more affluent regional cities. Singapore, Hong Kong, Tokyo, Hanoi, and Saigon have the smallest average home sizes in the region. The size of an average home is less than 800 square feet in these cities compared to nearly 1,000 square feet in the United Kingdom, and over 2,000 square feet in the United States.
– With the urbanization in Vietnam, it results in the growing e-commerce sector in the country. Owing to the rise of the e-commerce sector, self-storage operators are expanding in the country. For instance, in the recent past, KingKho had opened its first self-storage facility in Hanoi city. The newly built facility comprises more than 1,000 square meters of space in four different storage unit sizes ranging from 1 to 100 square meters.
Business Self-storage Type Segment is Expected to Hold a Significant Share Throughout the Forecast Period
– In Vietnam, self-storage provides a flexible alternative for businesses that do not want to enter into long-term leases and prefer to rent a flexible space from a self-storage operator instead of a large warehouse where most of the space goes unused for a significant period. Businesses that use self-storage space are majorly SMEs and start-ups that use them to store and even display merchandise.
– In China, the rising labor costs, a costly trade war with the US, and the origin of COVID-19 in the country have disturbed the manufacturing ecosystem upto a certain extent. This has given Vietnam a chance to emerge as a new manufacturing hub of Southeast Asia. Despite the Trans-Pacific Partnership negotiations’ failure, investor confidence has boosted by the imminent passage of the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership and the finalization of the EU-Vietnam Free Trade Agreement (EVFTA). With the rise of business setups in the country, it will boost the market’s business segment in the coming years.
– The growth in e-commerce sales in the country has also driven the growth of this segment. E-tailers are using self-storage space to leverage last-mile delivery. Some storage operators in Vietnam also offer storage units where e-commerce companies can leave packages for shoppers to receive later, which is easing some of the difficulty related to the last-mile delivery.
Vietnam’s self-storage market is moderately competitive and consists of a significant number of global and regional players. These players account for a considerable share in the market and focus on expanding their client base. These players focus on the research and development activities, strategic alliances, and other organic & inorganic growth strategies to stay in the market landscape over the forecast period.
– In December 2019, KingKho announced the availability of 1,000 square meters of additional storage units at the self-storage facility in Hanoi. The company has converted its 2nd floor of the facility into several dozens of self-storage units. With the help of these additional storage units, the company will meet customer demand with the reduced waiting time.
– In August 2019, MyStorage opened its first facility in District 2. In addition to its climate-controlled units and lockers, the company offers valet-style pick-up and delivery services by using complimentary plastic bins and luggage storage. This new facility expansion in Vietnam will give the company a competitive edge in the market landscape.
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1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness – Porter’s Five Forces Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers/Consumers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Favorable Demographic Trends Such as High-income Population, Demand in Urban Areas and Growing Market Concentration
5.2 Market Challenges
6 IMPACT OF COVID-19 ON THE VIETNAM SELF-STORAGE MARKET
7 MARKET SEGMENTATION
7.1 Self-storage Type
8 COMPETITIVE INTELLIGENCE
8.1 Company Profiles*
8.1.1 KingKho Mini Storage
8.1.3 Saigon Storage
8.1.4 TITAN Containers
8.1.5 Extra Space Asia Corporate
9 INVESTMENT ANALYSIS
10 FUTURE OF THE MARKET