With the health of the housing market affecting the general demand for portable storage, all indicators point to continued robust activity.
After the economic crisis of 2008, the housing market stayed flat for two years. Then, in 2011, sales of existing homes began to improve, quickly returning to pre-2008 levels and now exceeding those numbers by more than 20 percent. According to an industry study by IBISWorld, revenue will continue on that pace, growing by 4.6 percent per year to reach $9.3 billion annually by 2020.
Projected Annual Growth
Projected Annual Revenue
Commercial market as robust as residential, study says.
According to the same IBISWorld market study, commercial markets account for 16.4 percent of the industry’s revenue. In fact, construction, retail and industrial accounts combined make up the largest source of demand in the portable storage industry.
With the economy’s rebound, office vacancy rates continue to decline, retail services take in more inventory, and construction and building sectors add projects. The net result is higher demand for storage solutions.
Plenty of room on the competitive landscape.
The portable storage industry, while familiar to the marketplace, is still quite young. Its market share concentration, therefore, offers tremendous opportunity for growth. The top four companies account for just 17.7 percent of the market, and, of that, the largest company owns only 8.3 percent of the revenue. The upside potential for newcomers is tremendous.
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