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Market vs Industry: The Difference Explained

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A market is a flexible term that identifies a group of customers. Markets can be big or small and can overlap in various ways. For example, markets can be defined based on demographics, customer needs, customer preferences, location and distribution channel.
An industry is a sector of the economy. They are defined by business model. Large sectors of the economy, such as services or manufacturing are considered a single industry.

The Difference

Markets are used by firms to define their customers. A single product might have dozens of target markets. For example, a firm might identify independent video producers in Germany as a target market for high end audio speakers.
Industries are big and inflexible. They are defined according to common criteria set by government regulations and other institutional definitions. For example, a solar panel company might present itself as an "energy services" company but governments and investors might view the company as a manufacturer.
Market vs Industry
A identifiable group of customers.
A sector of the economy.
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