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

Report Overview

The global residential outdoor storage market size was valued at USD 1.52 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 4.0% from 2023 to 2030. The rising use of more than one vehicle, due to rapidly changing consumer preference toward maintaining multiple vehicles, is expected the drive the demand for residential outdoor storage. Building garden structures and installing irrigation systems are some of the few activities included in improving residential landscaping. 

The construction of storage benches and deck boxes, which are installed on lawns, serve a dual purpose of providing sitting arrangements and storage facilities for garden utility items. Such items include water pipes, secateurs, loppers, and long-reach pruners for plant & tree maintenance, which are used frequently for maintaining the outdoor landscape.

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, U.K., France, and Germany, is expected to boost the need for storing items. These items can vary significantly and generally include lawn/garden equipment, swimming pool hygiene products, lighting repair tools, and outdoor sports equipment. This demand is expected to remain key to the growth of the market.

The increasing number of nuclear families globally due to the growing necessity of economic and social mobility for jobs, marriages, and education is expected to reduce the demand for large-sized single-family homes. The prevailing trend of nuclear families globally has led to the adoption of apartment housing units, along with a limited space requirement and low costs. This is expected to negatively affect the growth of the residential outdoor storage industry globally during the forecast period.

The presence of a large number of shed manufacturers in the U.S., including Tuff Shed; American Sheds; and Suncast Corporation creates conditions that are ripe for fulfilling consumer demand. The increasing demand for different types of outdoor residential sheds made from wood, metals, plastics, and vinyl remains a prominent feature of the market. The surging interest of consumers in do- it-yourselves (DIY) activities that include the repair and maintenance of garages and management of gardens and landscapes is increasing the demand for a separate space outside of the residential buildings for storing equipment and tools related to these activities. This, in turn, contributes to the increasing demand for outdoor sheds in the U.S.

Material Insights

Based on material, the plastic segment account led to a market size of USD 621.0 million in 2022. It is expected to grow at a CAGR of 4.2% from 2023 to 2030. Residential outdoor storage products made from plastic material are anticipated to witness high demand over the forecast period. Plastics remain popular in the market among consumers due to their availability in a wide variety of shapes and sizes along with their water-resistant properties.  Various outdoor products made up of plastics such as patio storage containers, bench deck boxes, storage sheds, and outdoor shelves keep the storage items dry and mold-free in all seasons.

The high impact and tear resistance offered by plastic material are due to their long and chained polymer structure, which provide the material with its elasticity and high tensile strength against brittle fracture and cracking. The rising adoption of high-density polyethylene (HDPE) in making cabinets, shelves, and deck boxes, owing to their cost-effectiveness, high quality, and water & chemical resistance, is anticipated to increase the adoption of plastic materials. 

Wood is used to make different types of sheds in residential spaces, such as bike or bicycle sheds, car sheds, garden sheds, tool sheds, and firewood storage sheds. Various shed construction techniques, such as building on a solid foundation, roof trusses, and implementation of sturdy frame & weather-resistant exterior grade plywood, are prevalent in different countries including the U.S., New Zealand, and Australia. 

Outdoor residential storage products such as shelves and sheds made from metal materials are expected to gain a prominent market share owing to their high usage in the form of racks. These can store heavy items including automotive spare parts and hand and powertools in outdoor conditions. Steel is one of the most widely used materials used to produce outdoor shelves and storage racks owing to its robustness and durability. Steel storage products are easy to maneuver and construct for both normal and heavy product storage including hand tools and power tools.

Product Insights

The outdoor storage benches & cabinets product segment is projected to grow at the fastest CAGR of 6.3% from 2023 to 2030. Cedar, pine, and teak are the best types of wood to manufacture outdoor benches due to their high strength and water-resistant properties. However, cedar and teak are expensive compared to pine and as a result, pine is highly used to design and produce storage benches and cabinets. Metal is another material used to produce storage benches owing to its high durability and low price. However, metal benches lack comfort, which is likely to slow down the market growth for outdoor storage benches made from metal.

The shipping container segment accounted for a revenue share of 21.4% in 2022. The segment is further expected to grow at a CAGR of 4.2% over the coming years. This is due to the rising consumer preference for customized and durable backyard storage options outside the residential premises. Safe and secure storage for repair & maintenance equipment such as hand & power tools, lawnmowers, and hedge clippers are expected to boost the demand for shipping containers. These containers present a strong and highly spacious storage option for various essential items for lawn & garden maintenance.

The shed product segment accounted for the largest revenue share of 58.1% in 2022. Sheds in residential premises are primarily used for storage and as covering for various items including bicycles, vehicles, and garden items. Storage and garden sheds are the most-used applications made. These are usually made from wood, plastic, or metal. Storage sheds are used for the storage of residential equipment such as mechanical & electrical tools & equipment, extra furniture, cleaning items, wooden logs, and stoves.

Distribution Channel Insights

The retail distribution channel segment led the market with the largest revenue share of 49.3% in 2022. Retail is the most common distribution channel in the market. Consumers procure these products including deck boxes, bins, totes, outdoor shelves, outdoor benches, cabinets, and sheds directly from shop owners as it is convenient, and often comes pre-equipped with transportation, & installation services.

Products including deck boxes, cabinets, storage benches, and outdoor shelves are smaller storage items that can be directly sold even by a smaller retailer. However, large products including sheds and shipping containers are primarily sold by larger retailers that have a strong market presence, in turn, displaying their dominance in the retail distribution channel.

The wholesale segment was valued at USD 343.5 million in 2022 and is expected to reach USD 463.8 million by 2030. The wholesale distribution channel undertakes more financial risk when compared to the retailers, since wholesalers purchase the product in bulk from the manufacturers, thereby taking full legal responsibility for the same. As a result, the pivotal role of wholesalers includes the procurement of products in bulk and their storage until it is required by the retailer or by the customer in the market.

E-commerce is anticipated to become the fastest-growing distribution channel for the residential outdoor storage industry over the forecast period. The growth in the said segment is attributed to the increased proliferation of e-commerce platforms, and tie-ups with product manufacturers, wholesalers, and retailers. In addition, the adoption of product storage and distribution operations through retail fulfillment methods including drop shipping, self-management, and third-party fulfillment services are further expected to add growth prospects to the market.

Regional Insights

The North America regional segment dominated the market and accounted for the largest revenue share of 56.8% in 2022. The prevailing trend of constructing patios or pergolas outside residential premises for recreational and leisure activities is further contributing to the demand for residential outdoor storage, including deck boxes, bins, totes, outdoor shelves, outdoor storage benches, cabinets, etc.

The rising consumer emphasis on outdoor activities in North America, coupled with the increasing demand for outdoor storage due to the changing lifestyle of the masses, is expected to fuel the demand for outside stowing various items such as log woods, cleaning fabrics, pillows, and towels that are used for dining and partying outdoors, as well as in pool activities.

Moreover, the easy availability of wood in the U.S. and Canada is expected to lead to large-scale production of residential outdoor storage made from wood in these countries. Wood is used for developing sheds, outdoor shelves, cabinets, and deck boxes. These storages are anticipated to witness an increased demand in North America due to the increasing number of residential buildings, especially in suburban areas owing to the easy availability of adequate land for developing them.

The Europe segment is forecasted to grow at a compound annual growth rate of 4.0% from 2023 to 2030. The rising consumer concerns about improving storage facilities in their residential spaces to enhance the indoor appearance of their homes is anticipated to drive the demand for outdoor storage in Europe over the coming years.

The growing number of new residential construction activities and ongoing renovations of existing residential premises in Europe are expected to fuel the use of various tools and equipment such as wood-cutting tools; paint and polish cans; handheld and power tools; lawnmowers; and house windows glass cleaners in the region. As these tools and equipment take a significant space inside residential buildings, outdoor sheds, garages, and residential shipping containers can be used to store them for proper management of space, and product stowing; the European region is expected to witness promising growth during the forecast period.

Key Companies & Market Share Insights

The key players in the residential outdoor storage industry include Lifetime Products; ShelterLogic Group; Keter; Backyard Buildings & More; and Leisure Season Ltd. These players are focusing on expanding their product portfolio, in terms of materials used, size, and designs. Companies such as Tuff Shed Inc., operate several retail stores across the U.S. to display their goods.

The leading companies in the market such as Keter; Lifetime Products; and ShelterLogic offer their products in several countries via distributors, retailers, export agencies, and local companies to increase their market presence and gain a competitive edge over other market players. Several companies are offering website-based 3D shed designing solutions for customers to update their preferences regarding the design of structures, materials to be used, and the size of structures as per the desired applications. Some prominent players in the global residential outdoor storage market include:

• ShelterLogic Group

• Lifetime Products

• Suncast Corporation

• CEDARSHED USA

• Tuff Shed Inc.

• Backyard Buildings & More

• Keter

• Rubbermaid

• Leisure Season Ltd

• Barnyard Utility Buildings

Residential Outdoor Storage Market Report Scope

Global Residential Outdoor Storage Market Report Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global residential outdoor storage market report based on material, product, distribution channel, and region:

• Material Outlook (Revenue, USD Million, 2018 - 2030)

  • Wood

  • Plastic

  • Metal

  • Others

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Shipping Containers

  • Sheds

  • Deck Boxes, Bins & Totes

  • Outdoor Shelves

  • Outdoor Storage Benches & Cabinets

• Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

  • Retail

  • Wholesale

  • E-Commerce

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

  • Asia Pacific

    • China

    • Japan

    • South Korea