In April 2026, the Thailand automotive market presented an extreme polarization pattern: total new car sales 48,394 units, year-on-year growth 2.54%, pure electric vehicle sales surged 90.61%, SUV year-on-year growth 23.91%, but one-ton pickup sales were only 9,950 units, plummeting 29.7% from March, down 5.84% year-on-year, becoming the only core sub-segment with negative growth. Thus, January-April 2026 Thailand pickup cumulative sales 48,802 units, the decline compared to the same period last year widened further, the annual target of 171,000 units (2024 new low) predicted by ttb analytics was precarious, actual sales are highly likely to drop below 165,000 units.

Although the duopoly structure has not shaken, the 'precipitous' drop of top models is no longer in doubt. Toyota Hilux Travo/Revo April sales 5,104 units, down 27.1% from previous month, January-April cumulative 23,098 units, market share slightly rose to 51.3%; Isuzu D-MAX followed closely, April sales 3,469 units, plummeted 25.2% from previous month, cumulative 17,760 units, market share 34.9%. The two Japanese brands combined still accounted for 86.2% of the share, but the significant shrinkage in absolute sales indicates that even top products with the most complete dealer networks and highest residual values cannot withstand systemic risks.

The rest of the traditional fuel brands suffered a complete defeat: Ford Ranger nearly halved month-on-month, Mitsubishi Triton plummeted 63.7%, Nissan Navara has basically withdrawn from mainstream competition.

Chinese brand performance showed significant divergence. Pure electric pickup leader Geely Radar RD6 April sales 85 units, down 24.8% month-on-month, but the drop was far smaller than most fuel models, January-April cumulative 327 units, continued to hold the top spot among Chinese brands and the first place in the pure electric pickup sub-market. Great Wall Cannon Sahar became one of the few models growing against the trend, April sales 34 units, surged 142.9% month-on-month, but the base was extremely low and scale has not yet formed. Other Chinese brands continued to face pressure: Foton e-Tunland down 61.5% month-on-month, MG Extender plummeted 71.4%.

This divergence between pickups and the overall Thailand car market is essentially the conflict between production tool attributes and consumption upgrade trends, compounded by multiple policy and economic shocks:

• Dual contraction of purchasing power and credit: As of Q4 2025, Thailand household debt as a percentage of GDP rose to 86.7%, at a high level in Asia. As for individual business owners and farmers who are the core customer group for pickups, loan rejection rates rose significantly, overdue rates on unpaid pickup loans continued to climb. In April 2026, the Thailand Consumer Confidence Index dropped to 50.6, setting a new low in 8 months, willingness for productive consumption dropped to freezing point.

• Tax policies precisely targeted diesel pickups: The carbon dioxide taxation policy implemented from January 2026, caused diesel pickup terminal prices to rise 2%-10%, while pure electric passenger car consumption tax is only 2% and enjoys a maximum subsidy of 50,000 Thai Baht, forming a significant price scissors differential.
• Usage scenarios continued to shrink: Urban users accelerated the shift to more comfortable SUVs and electric passenger cars, while agriculture saw production decline due to El Nino, and logistics industry demand was weak, further compressing the production tool demand for pickups.

• Market structure low-endization intensified: The share of mid-to-high-end double-cab pickups dropped from 39% in 2022 to 33.5% in 2025, the share of low-price single-cab pickups rose to 62%, indicating consumers can no longer afford higher-priced products.

Final Thoughts: Looking forward, the turning point for the Thailand pickup market has yet to appear, the golden age of traditional diesel pickups has ended. Low-carbon transformation has become the only way out for the industry, and Chinese new energy pickups represented by Radar RD6, with differentiated product positioning and technical advantages, are expected to seize the initiative during the market restructuring process, becoming a key force to break the long-term Japanese monopoly structure.

2026 年 4 月泰國汽車市場呈現極端分化格局：整體新車銷量 48,394 輛，同比增長 2.54% ，純電動車銷量暴增 90.61% ， SUV 同比增長 23.91% ，但一噸級皮卡銷量僅 9,950 輛，環比 3 月暴跌 29.7% ，同比下滑 5.84% ，成為唯一負增長的核心細分市場。至此， 2026 年 1-4 月泰國皮卡累計銷量 48,802 輛，較去年同期跌幅進一步擴大， ttb analytics 此前預測的全年 17.1 萬輛（ 24 年新低）目標已岌岌可危，實際銷量大概率跌破 16.5 萬輛。

雙寡頭格局雖未動搖，但頭部車型 " 斷崖式 " 下跌已無懸念。豐田 Hilux Travo/Revo4 月銷量 5,104 輛，環比下滑 27.1% ， 1-4 月累計 23,098 輛，市佔率微升至 51.3% ；五十鈴 D-MAX 緊隨其後， 4 月銷量 3,469 輛，環比暴跌 25.2% ，累計 17,760 輛，市佔率 34.9% 。兩大日系品牌合計仍佔 86.2% 份額，但絕對銷量的大幅縮水表明，即便是擁有最完善經銷網絡和最高殘值率的頭部產品，亦無法抵禦系統性風險。

其餘傳統燃油品牌全線潰敗：福特 Ranger 環比近乎腰斬，三菱 Triton 暴跌 63.7% ，日產 Navara 已基本退出主流競爭。

中國品牌表現分化顯著。純電皮卡領軍者吉利雷達 RD6 4 月銷量 85 輛，環比下滑 24.8% ，但跌幅遠小於多數燃油車型， 1-4 月累計 327 輛，繼續穩居中國品牌榜首及純電皮卡細分市場第一。長城炮 Sahar 成為少數逆勢增長的車型， 4 月銷量 34 輛，環比大漲 142.9% ，但基數極低尚未形成規模。其餘中國品牌持續承壓：福田 e Tunland 環比下滑 61.5% ， MG Extender 暴跌 71.4% 。

此次皮卡與整體泰國車市的背離，本質是生產工具屬性與消費升級趨勢的衝突疊加多重政策與經濟衝擊：

• 購買力與信貸雙重收縮：截至 2025 年第四季度，泰國家庭債務佔 GDP 比重升至 86.7% ，處於亞洲高位。作為皮卡核心客群的個體工商戶和農民，貸款被拒率大幅上升，未償還皮卡貸款逾期率持續攀升。 2026 年 4 月泰國消費者信心指數降至 50.6 ，創 8 個月新低，生產性消費意願降至冰點。

• 稅收政策精準打擊柴油皮卡： 2026 年 1 月起實施的二氧化碳計稅政策，使柴油皮卡終端價格上漲 2%-10% ，而純電動乘用車消費稅僅 2% 且享受最高 5 萬泰銖補貼，形成顯著價格剪刀差。
• 使用場景持續萎縮：城市用戶加速轉向舒適性更高的 SUV 和電動乘用車，而農業受厄爾尼諾影響產量下降、物流行業需求疲軟，進一步壓縮了皮卡的生產工具需求。

• 市場結構低端化加劇：中高端雙排座皮卡份額從 2022 年的 39% 降至 2025 年的 33.5% ，低價單排座份額升至 62% ，表明消費者已無力承擔更高價格的產品。

寫在最後：展望未來，泰國皮卡市場的拐點仍未顯現，傳統柴油皮卡的黃金時代已然終結。低碳轉型成為行業唯一出路，而以雷達 RD6 為代表的中國新能源皮卡，憑藉差異化的產品定位和技術優勢，有望在市場重構過程中搶佔先機，成為打破日系長期壟斷格局的關鍵力量。