Thailand is known as the “promised land” of compact pickup trucks, while the US is a haven for full-size pickups. According to Marklines statistics, the Isuzu D-Max and Toyota Hilux continue to lead the top 10 best-selling models in the Thai market in 2023. This demonstrates the strong appeal of pickup trucks in this market and raises the question of pickup truck prices in Thailand compared to other markets in the region.
Pickup Truck Sales Rankings in Thailand
| No. | Model | Sales (units) |
|---|---|---|
| 1 | Isuzu D-Max | 127,290 |
| 2 | Toyota Hilux | 114,585 |
| 3 | Toyota Yaris Ativ (Vios) | 55,527 |
| 4 | Honda City | 43,262 |
| 5 | Ford Ranger | 28,848 |
| 6 | Toyota Fortuner | 25,636 |
| 7 | Honda HR-V | 22,443 |
| 8 | Isuzu mu-X | 22,394 |
| 9 | Toyota Corolla Cross | 19,857 |
| 10 | BYD Atto 3 | 19,213 |
In 2023, the Isuzu D-Max led the entire Thai market with over 120,000 units sold, followed by the Toyota Hilux with over 114,000 units. Total pickup truck sales in Thailand reached 325,024 vehicles, a 28.5% decrease compared to 2022 due to economic instability and high car loan interest rates.
Overwhelming Pickup Truck Market Share
Pickup truck sales account for approximately 42% of Thailand’s total new car volume (775,780 vehicles). No other market in Southeast Asia can match this proportion of pickup trucks in the Land of Smiles. The sales of Isuzu and Toyota pickup truck models alone (241,875 vehicles) account for approximately 74% of the segment market share and 31% of the total market share.
Comparison with the Vietnamese Market
The sales of D-Max and Hilux in Thailand are completely different from those in Vietnam. In 2023, only 519 Isuzu vehicles and 134 Hilux vehicles were delivered to customers. The Ford Ranger completely dominates the pickup truck segment in Vietnam but lags behind its two Japanese rivals in the Thai market.
Explaining the Appeal of Pickup Trucks in Thailand
The differences in consumer tastes and vehicle usage culture between the two countries create a significant difference in the sales of pickup truck models. In Thailand, lower excise taxes on pickup trucks compared to passenger cars help lower the cost of ownership. People in this country prefer pickup trucks for their versatility, as they can carry both people and goods and operate well in various complex terrains.
Pickup trucks serve the needs of small business owners, who make up a large proportion of the workforce in Thailand (40% of the labor force is in agriculture). No other market in Southeast Asia is as favored by manufacturers in creating many pickup truck variants as Thailand. People in this country can choose from single-cab models primarily for transporting goods to double-cab models for combined passenger and cargo transport.
Trend of Product Diversification
To expand sales of pickup truck models, the brands with the largest market share, such as Toyota and Isuzu, are increasingly diversifying their variants. Thailand was the first market where Toyota launched the Hilux Champ, a budget-friendly pickup truck priced at only $13,000-$16,500, in late 2023. Toyota and Isuzu are also researching and developing pure electric pickup truck versions. The variety of models and pickup truck prices in Thailand meet the diverse needs of consumers, from inexpensive vehicles to high-end sports versions. The Thai pickup truck market is vibrant and full of potential, promising to continue to be a bright spot in the regional automotive industry.
