Product design is about creating product - taking ideas from
scratch to finished solutions, most often 1 or 2 pieces of finished products.
As a product designer it is not mandatory to have knowledge on manufacturing
processes or producing CAD drawings.
Industrial design is about creating ideas for mass
production, i.e, creating concepts that can be manufactured and be sold.
Therefore it requires a bit more work in transferring and customising designs
(product designs) to make it ready for manufacturing. You require knowledge of
manufacturing processes and operations in order to do your work.
Some key highlights
Product design can be considered to be a subset of Industrial
design.
Industrial design can include - product design, furniture design,
footwear, and in certain cases fashion and interior design.
You can survive in product design without technical knowledge, but
you definitely need to have technical/engineering knowledge to be an industrial
designer. Unless you are doing early concept works.
In industrial design you also learn
about business aspects, in order to customise the products to match the
business and market needs.
In general, product design is more about creating solutions,
industrial design is creating solutions and taking them to manufacturing. An
industrial designer can be a product designer, but a product designer cannot be
industrial designers.
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Source: Quora
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