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'third largest market' is correct and usable in written English.
You can use it when you want to refer to the third biggest market in terms of size or importance. For example: "The US is the world's third largest market for cars."
Exact(19)
China is JLR's third largest market after the UK and US.
The market in illicit drugs is the third largest market in the world, after food and oil.
The UK was the retailer's third largest market in terms of sales in the first nine months of the year, behind Germany and the US.
It is today the world's third largest market for smart phones and the sixth largest for cars.
India is now the world's third largest market for smartphones and will reach 314 million mobile web users by 2017.
"We enjoy very rapid growth here and China can be the third largest market for us in a few years," Dell said.
Similar(41)
Publicis, the world's third largest marketing group, said that it is reviewing its global relationship with Google and YouTube.
"Miami is the second largest market for Ferrari".
America is the second largest market for trafficked goods.
Now the UK is our second largest market after the US.
It is the second largest market in the country, behind Los Angeles.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com