declining market – n : the last stage of market development, in which annual industry revenues are in steady decline due to some combination of market saturation, decline in size of the target market, and/or introduction of a replacement product or technology.

Example: By 2000, traditional plug-into-the-wall telephone handsets represented a declining market, as the demand for these products was increasingly being displaced by growing demand for both wireless landline handsets and cellular phones.

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Adapted from "The CompanyCrafters Entrepreneur's Dictionary"
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