What term describes the business that controls the largest market share in an industry?

The term that describes the business that controls the largest market share in an industry is "Market Leader." A market leader is typically recognized for its significant influence in the market, often setting trends, pricing strategies, and product standards that others in the industry may follow. This dominance can result from a variety of factors, including innovative products, strong brand recognition, or extensive distribution networks.

Being the market leader often allows the business to benefit from economies of scale, making it more efficient and potentially more profitable than its competitors. Additionally, the market leader may have a more substantial ability to withstand economic downturns and competitive pressures due to its established position.

In contrast, other roles like market competitor, market challenger, and market follower describe businesses that either compete for market shares or follow the lead of the market leader without holding the largest share themselves, which highlights the distinct nature of the market leader’s position in the industry.