In the world of lift technology, there are several companies that have made a name for themselves. Each company has found its niche within the industry, whether it be developing lifts or creating platforms and lift attachments. Many of these companies have been around for nearly a century, if not longer. Most notable of them all is Altec Industries, who is a leader in the sector with 112 patent assets, as of July 2021, and is the youngest of its top competitors.
Altec has developed a wide breadth of technologies for utility truck bodies, booms, as well as platforms which has set it apart from its competition. Its competitors include The Manitowoc Company, Oshkosh Corporation, Terex Corporation, JLG Industries, Bluesky Solutions, and Nifty Lift among others. Altec’s biggest threats are Oshkosh who owns 93 patent assets and The Manitowoc Company who owns 185 patent assets. Oshkosh has a serious focus on boom technology with very little development in the Platform and Truck Bodies categories of the sector while The Manitowoc Company has centered its focus around Lift technologies such as the configuration of booms and some in Truck Bodies. Manitowoc completely lacks in the Platforms category and if it wants to diversify towards the growing aerial platform industry it needs to up its filings or consider licensing technology from a company like Altec to be a more complete leader.
Even though Altec, Manitowoc and Oshkosh have developments in the Truck Bodies category there is still room for improvement and expansion. Whether it be the expansion of truck body materials or the configuration of trucks for lifts, the space is open for the taking. Altec is the only company to have patent assets publish in 2021 for Truck Bodies and has secured this niche. In fact, Altec has had assets published in each category in 2021, something its competitors have not accomplished so far this year. It’s worth noting that each of Altec’s competitors, including itself, have received the majority of their patents over the last 5 years. It is likely a result of America’s economic growth during that time. As our nation bounces back from the economic damages of COVID-19, we expect to see increased filing activity in the sector, especially with the widespread rollout of 5G communications technology requiring an increased demand for telecommunications servicing equipment. Use the Utility Truck Elements Patent Forecast® to relate patent activity to market activity like you’ve never seen before!
