Storage - Lithuania

Lithuania

Revenue in the Storage market is projected to reach US$18.96m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.92%, resulting in a market volume of US$27.76m by 2029.
The average Spend per Employee in the Storage market is projected to reach US$12.32 in 2024.
In global comparison, most revenue will be generated in the United States (US$23,930m in 2024).

Key regions: United Kingdom, Brazil, India, China, Indonesia

Market

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Currency

Analyst Opinion

The Storage market in Lithuania is experiencing significant growth and development in recent years.

Customer preferences: Customers in Lithuania are increasingly looking for storage solutions that offer not only ample space but also advanced security features to protect their belongings. With the rise of e-commerce and online shopping, there is a growing demand for storage facilities that can accommodate the storage needs of both businesses and individual customers. Additionally, environmentally friendly storage options are becoming more popular among customers who are conscious of sustainability.

Trends in the market: One notable trend in the Storage market in Lithuania is the increasing popularity of self-storage facilities. These facilities allow customers to have control over their storage units, access them at any time, and provide flexibility in terms of storage duration. Another trend is the integration of technology in storage solutions, such as smart security systems and online booking platforms, to enhance convenience for customers. Moreover, the trend of decluttering and minimalist living is driving the demand for storage solutions among urban dwellers in Lithuania.

Local special circumstances: In Lithuania, the growing trend of urbanization and smaller living spaces in cities like Vilnius and Kaunas is influencing the Storage market. As more people move into apartments and smaller homes, the need for external storage options becomes more pressing. Additionally, the seasonal nature of certain industries in Lithuania, such as tourism and agriculture, creates fluctuations in demand for storage solutions at different times of the year.

Underlying macroeconomic factors: The economic stability and steady growth in Lithuania have positively impacted the Storage market. As disposable incomes rise and consumer spending increases, more individuals and businesses are willing to invest in storage solutions. Furthermore, the overall growth of the real estate market in Lithuania, including residential and commercial sectors, has contributed to the expansion of the Storage market as the need for storage space accompanies property development and transactions.

Methodology

Data coverage:

The data encompasses B2B enterprises. Figures are based on hardware-related expenses of businesses for setting up and maintaining an IT infrastructure.

Modeling approach / Market size:

Market sizes are determined through a top-down approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports and national statistical offices. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and level of digitization. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques, such as exponential trend smoothing and the S-curve function, is based on the behavior of the relevant market.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.