The industry life cycle is not the same as the product life cycle , because within an industry there is a constant updating of products. For example TV manufacturers first produced monochrome TVs, then colour TVs and subsequently home entrainment systems. Within the colour TV segment, the screen technology has evolved from cathode ray displays to flat screens such as plasma screens. Recently the first 3D TVs and Internet enabled TV sets appeared on the market.

However, eventually some industries may contract sharply and even disappear. For example passenger sea transport (other than cruising) has been replaced by air travel; photo-chemical photography has been replaced by digital photography; video rental shops are being replaced by digital downloads or video on demand.

Industries evolve over time, both structurally and in terms of overall size. The industry life cycle is measured in total industry sales and the growth in total industry sales. The industry structure and competitive forces that shape the environment in which businesses operate change throughout the life cycle. Therefore a business's strategy must adapt accordingly.

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