Since 1988, the European lead/acid battery industry has undergone extensive restructuring through mergers and acquisitions. Such developments have been commonly interpreted as a normal trend to optimize economies-of-scale in order to face increasing competition. Although this is one of the reasons for the concentration process, other aspects should be considered in order to understand and prepare the future of the battery industry. The automotive (SLI) and industrial battery sectors have different challenges and opportunities. Nevertheless, for the purpose of this study, the focus is essentially on the SLI business. Where appropriate, extrapolation will be made to the industrial battery business.