What's the difference between the two?
An industry and a market, though closely related, are distinct concepts.
An industry refers to a group of companies that produce similar products or services and are related based on their primary business activities. For example, the automotive industry includes all companies involved in designing, manufacturing, marketing, and selling motor vehicles.
A market refers to the environment in which these products or services are exchanged between buyers and sellers. It involves the actual or potential customers for these products and services. Markets are defined by the customers’ needs and preferences, the presence of buyers and sellers, and the exchange of goods or services for value.
While an industry focuses on the production side, a market is centered around the transaction and demand side. Another way to see it is , the industry is about “who is making it” and the market is about “who is buying it and where it is being sold.”