Residential Outdoor Storage Market Size, Share & Trends Analysis Report By Material (Wood, Plastic), By Product (Shipping Containers, Sheds), By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030

Residential Outdoor Storage Market Size, Share & Trends Analysis Report By Material (Wood, Plastic), By Product (Shipping Containers, Sheds), By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030

Residential Outdoor Storage Market Growth & Trends

The global residential outdoor storage market size is expected to reach USD 2.09 billion by 2030, expanding at 4.0% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The rising demand for comfortable, well-furnished, and enhanced outdoor spaces is driving the demand for residential outdoor storage.

The major residential outdoor storage application includes storage of items that are found in residential spaces including home maintenance supplies & equipment, home furnishing, gardening tools & equipment, refuse containers, vehicles, and canopies. The residential outdoor storage products improve the item's assortment and subsequently, undertake the management of space in the residential property efficiently.

The presence of a highly organized network in the retail sector is one of the most important factors driving product demand as the consumer has a wide product assortment and higher visibility of the products through the same. This offline mode of product distribution system includes various departmental stores, convenience stores, hypermarkets, and supermarkets that offer every possible storage product that can be used in the residential premise.

In addition, the rapidly increasing penetration of e-commerce platforms coupled with the increasing tie-up and collaboration of various retailers with online distributors is further expected to facilitate the consumer with the desired storage product thereby adding to the market growth on a positive note.

Rapidly changing consumer preference toward maintaining separate vehicles for office use and traveling, is expected to drive demand for extra parking space, such as sheds made from steel and wood, over the forecast period. Increasing preference for all-weather shade and carports in residential spaces owing to their sturdy open-style structure and low maintenance are expected to drive product (shed or carports) demand for the vehicle covering in residential spaces.

Rising demand for comfortable, well-furnished, and enhanced outdoor spaces is expected to drive the residential outdoor storage industry over the forecast period. Increasing spending on lawn and garden equipment for lawn maintenance, especially in countries such as the U.S., Canada, Italy, the UK, France, and Germany, is expected to boost the need for storing items such as lawn/garden equipment, swimming pool hygiene products, lighting repair tools, and outdoor sports equipment, which, in turn, is expected to drive the demand for outdoor storage products.

Residential outdoor storage equipment such as sheds, carports, and deck boxes are primarily used in large houses with big lawns and backyards. These are often used for storing gardening equipment, parking vehicles, and accommodating extra furniture. The construction of these storages is limited to multifamily housing units and apartments owing to the unavailability of space and the high costs involved in developing them. The global shift from single-family housing units to multifamily housing units owing to the affordability of the family homes and insufficient space in urban areas is expected to result in a surged demand for apartment housing units. This, in turn, is anticipated to result in reduced demand for residential outdoor storage across the world.

Residential Outdoor Storage Market Report Highlights

• The plastic material segment accounted for a revenue share of 40.7% in 2022. It is expected to grow at a CAGR of 4.2% from 2023 to 2030. This is owing to various properties such as lightweight, water-resistant, termite-resistant, and easy-to-set-up features in outdoor spaces
• The sheds product segment was valued at USD 886.5 million in 2022. It is expected to reach USD 1.17 billion by 2030. The rising trend of cultivating fruits and vegetables coupled with the growing interest in floriculture in the backyard of residential premises, especially in North America and Europe, is likely to augment the segment growth over the forecast period
• Based on the distribution channel segment, the retail segment dominated the market with a revenue share of 49.3% in 2022. This is due to the higher consumer preference for physical stores over other channels as retail distribution channel offers consumers the ability to inspect various product features. These features include product condition, color, specification, and aesthetics, before the purchase
• The North America region accounted for a significant revenue share in 2022. This is largely due to the increasing consumer preference for outdoor activities such as landscaping and gardening, especially in the U.S. and Canada
• The market exhibits tremendous potential in terms of raw material supplies and consumer base. Hence, it presents tremendous opportunities for new entrants on account of increasing product demand from consumers globally. This also results in a high threat from new entrants to the established players

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