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‘Industrial Design’ is used as a term, primarily to tell the difference between the physical objects human beings generally interact with.
Industrially-designed objects might include this examples – chairs, pencils, cars, iPhones, guitars, ketchup packets, some apparel, etc.
Inside the dominion of ‘Industrial Design’, further specialties arise, some correspond to the examples above:
Designers for Consumer electronics
Designers for Automotive
Designers for Soft goods
Designers for furnitures
Designers for Home goods
Designers for Luxury item
…and many more.
Mostly, the quality of mass production is the key of what constitutes whether something is ‘Industrial Design’ or not. If a physical object does not get mass-produced in some way, it might not be an Object of Industrial Design.
“Product Design” includes all that I’ve mentioned, and many more!
That being said:
‘Product Design’ can be often seen nowadays used as a term to describe the complex set(s) of systems humans interact with while they tap away on their phones and tablets and laptops.
Today, when people talk about “Product Design”, they’re probably talking about interlocking digital systems that we people use today.