Residential Outdoor Storage Market Report
Residential Outdoor Storage Market by Material (Metal, Plastic, Wood, and Others), Product (Shipping Containers, Sheds, Deck Boxes, Bins & Totes, Outdoor Shelves, and Outdoor Storage Benches & Cabinets), Distribution (Retail, Wholesale, and E-Commerce), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032
Residential Outdoor Storage overview
Outdoor storage is defined as the commercial storage or storing of building materials, equipment, fuels, vehicles, goods, commodities or raw materials outside of a building or structure.
Residential outdoor storage can include a wide range of items, such as gardening tools, sports equipment, outdoor furniture, barbecue grills, lawnmowers, and other landscaping instruments. The purpose of such storage is to keep these things easily available and also prevent the cluttered interior of the house or garage. The storage area for residential outdoor storage depends on the available space and personal preferences. It involves using sheds, storage boxes, racks, hooks, or other storage solutions designed for outdoor use.
Global Residential Outdoor Storage Market Analysis
The global residential outdoor storage market size was $xx million in xx and is predicted to grow with a CAGR of xx, by generating a revenue of $xx million by xx.
COVID-19 Impact on Residential Outdoor Storage Market
The pandemic caused disruptions in global supply chains, impacting the availability of raw materials and components necessary for manufacturing residential outdoor storage products. This led to delays in production and distribution, which in turn affected the availability of certain storage solutions in the market. Homeowners postponed and reduced their investments in outdoor storage solutions due to economic uncertainty.
The pandemic prompted many homeowners to undertake home improvement projects, including outdoor renovations. As a result, the residential outdoor storage market witnessed increased demand for storage sheds, cabinets, and other storage options to accommodate tools, equipment, and other outdoor belongings. The pandemic also influenced consumer preferences and priorities, with a greater emphasis on health, well-being, and creating functional living spaces.
Growing Homeownership Rates to Drive the Market Growth
As homeownership rates increase, so does the demand for residential outdoor storage solutions. Homeowners require storage options to keep their outdoor belongings organized and secure, leading to the growth of the market. Currently, there is a growing trend of homeowners using their outdoor spaces as extensions of their living areas. People are investing in outdoor furniture, cooking equipment, gardening tools, and recreational items. This shift towards outdoor living fuels the demand for residential outdoor storage solutions to store and organize these belongings. With increased interest in gardening, there is a growing demand for storage solutions to keep gardening tools, materials, and equipment easily available.. Residential outdoor storage solutions play a role in home security by allowing homeowners to safely store important outside equipment such as bicycles, lawnmowers, or power tools, decreasing the danger of theft or damage.
Limited Space and Regulations for Outdoor Storage to Restrain Market Growth
One of the primary constraints for residential outdoor storage is limited space. Not all homeowners have ample outdoor space available for storing large items or installing storage solutions. Space constraints can limit the types and sizes of outdoor storage options, which is impacting the market's growth. Many municipalities have regulations and zoning restrictions regarding the installation of outdoor storage structures. These regulations may impose limitations on the size, height, design, and placement of storage solutions, potentially limiting the choices available to homeowners and impacting the market. Cost can also be a significant restraint for the residential outdoor storage market. A few homeowners may find the cost of storage solutions, such as sheds or storage cabinets, to be prohibitively costly. The cost of installation, maintenance, and potential customization can also add to the overall expenses, which may hinder a few consumers from investing in these storage options.
Expansion of Smart Storage Solutions to Drive Excellent Opportunities
As homeowners look for ways to maximize their outdoor space, there is an opportunity for the development of multifunctional storage solutions. For example, storage benches or ottomans that can serve both as seating and storage, or modular storage systems that can be customized and adapted to different outdoor needs. With the rising awareness of environmental issues, there is an opportunity for the residential outdoor storage market to offer sustainable and eco-friendly storage solutions. This can include products made from recycled materials, those that promote energy efficiency, or even options for rainwater harvesting and storage. Moreover, collaborating with the home improvement and landscaping industries can expand the market for residential outdoor storage. This can involve partnerships with landscapers, contractors, or outdoor furniture retailers to offer comprehensive solutions that incorporate storage into outdoor renovation projects. The continued growth of e-commerce presents opportunities for the residential outdoor storage market to reach a wider customer base. Online platforms can provide easy access to a variety of storage options, convenient purchasing, and delivery options, as well as effective marketing strategies to target specific customer segments.
Global Residential Outdoor Storage Market Share, by Material, 2022
Plastic sub-segment accounted for the highest share in 2022. Plastic materials, such as high-density polyethylene (HDPE) or polypropylene (PP), offer amazing durability and climate resistance. They can withstand exposure to different climate conditions, including rain, snow, UV radiation, and temperature changes, without rusting, corroding, or deteriorating. Plastic materials are lightweight compared to alternatives like wood or metal. This makes plastic storage solutions easier to handle, transport, and install. Plastic outdoor storage solutions typically require minimal maintenance. Unlike wood, plastic does not require staining or painting to protect it from other elements. Plastic is resistant to rotting, splintering, or insect infestation, reducing the need for ongoing upkeep. Plastic materials offer design flexibility and versatility in creating various storage solutions. They can be molded into different shapes, sizes, and configurations, allowing for customized designs that suit different storage needs.
Global Residential Outdoor Storage Market Share, by Product, 2022
Outdoor storage benches & cabinets sub-segment accounted for the highest share in 2022. Outdoor storage benches and cabinets allow homeowners to efficiently utilize their outdoor space by providing dedicated storage areas. They help to declutter and organize outdoor areas, allowing for better functionality and use of the available space. Outdoor storage benches and cabinets offer a versatile storage solution that can serve multiple purposes. They not only provide storage for various outdoor items such as cushions, gardening tools, sports equipment, or pool accessories but also function as seating or tabletop surfaces. Outdoor storage benches and cabinets are available in various designs, styles, and finishes that can complement the overall outdoor decor and aesthetics of a residential property. They can provide a level of security and privacy for stored items. Also, they are typically designed for easy installation and maintenance.
Global Residential Outdoor Storage Market Share, by Distribution, 2022
Retail sub-segment accounted for the highest share in 2022. Retail distribution channels offer a wide variety of residential outdoor storage products to cater to different customer preferences and needs. This includes storage sheds, cabinets, containers, racks, and other organizational systems. Retail distribution channels provide convenient access to residential outdoor storage products. Customers can visit physical stores or browse online platforms to explore and purchase storage solutions. Retail outlets often employ knowledgeable staff who can give expert advice and guidance to customers. They can help customers to get the features and benefits of different storage options, offer recommendations based on requirements, and help in making informed purchase decisions. Retail outlets often offer additional services that enhance the value proposition for customers. This can include installation services, product assembly, warranty support, and after-sales assistance.
Competitive Scenario in the Global Residential Outdoor Storage Market
There are several major players functioning in the highly competitive global residential outdoor storage market. Market players are focusing on providing options for different sizes, designs, materials, and functionalities to meet the varying needs and preferences of customers. By offering a wide product range, maket players are aiming to cater to a broader customer base and capture different market segments. Leading players are introducing new features, materials, designs, and technologies that enhance the functionality, durability, and aesthetics of storage solutions to gain a competitive edge by differentiating their products.
Some of the leading global residential outdoor storage market players are Lifetime Products, ShelterLogic Group, Suncast Corporation, Tuff Shed Inc., Keter, CEDARSHED USA, Backyard Buildings & More, Leisure Season Ltd, Rubbermaid, and Barnyard Utility Buildings.
Historical Market Estimations
Base Year for Market Estimation
Forecast Timeline for Market Projection
North America, Europe, Asia-Pacific, and LAMEA
Segmentation by Material
Segmentation by Product
Segmentation by Distribution Channel
Key Companies Profiled
Q1. What is the size of the residential outdoor storage market?
A. The size of the residential outdoor storage market was over $xx billion in xx and is expected to expand at a compound annual growth rate (CAGR) of xx from xx to xx.
Q2. Which are the major companies in the residential outdoor storage market?
A. Lifetime Products and ShelterLogic Group are some of the key players in the global residential outdoor storage market.
Q3. Which region, among others, possesses greater investment opportunities in the near future?
A. The xx region possesses great investment opportunities for investors to witness the most promising growth in the future.
Q4. What will be the growth rate of the Asia- residential outdoor storage market?
A. Asia-Pacific residential outdoor storage market is anticipated to grow at XX% CAGR during the forecast period.
Q5. What are the strategies opted by the leading players in this market?
A. Product diversification and innovation & product development are the two key strategies opted by the operating companies in this market.