A market-led plan follows what buyers want, rather than what a company or government first dreamed up. Led here is from the verb lead: the market walks in front, and the product comes after. You meet it in business writing, often beside market-driven, which means almost the same thing. People use it as praise (“we listen to customers”) and, though actually, as a warning too (“we only chase whatever is selling this year”). It describes a way of deciding, not a place. It is not the same as a sentence like “the night market led to the station”.