Assessing Consumers’ Willingness to Pay for Secondary Utilization of Retired Battery Products: The Role of Incentive Policy, Knowledge, and Perceived Risks

The rapid development of the new energy vehicle industry has resulted in a large number of retired power batteries. Creating products from second-use retired batteries (SURB) is crucial for sustainability by extending the batteries’ operational life, which, in turn, conserves resources and protects the environment. Consequently, this paper establishes a structural equation model (SEM) based on an interpretive structural model (ISM). It investigates consumers’ willingness to pay (WTP) for secondary utilization of retired batteries (SURB) products by extending the theory of planned behavior (TPB)with incentive policy, knowledge, and perceived risk. The study reveals that incentive policies and knowledge are fundamental factors, while subjective norms, perceived risk, and perceived behavioral control exert moderate influence. Attitude emerges as the most significant predictor, directly affecting consumers’ WTP, with perceived behavioral control also playing a key role. Incentive policies and knowledge have an indirect influence through perceived behavioral control and perceived risk. Finally, this paper discusses the theoretical and practical significance of the findings and provides relevant policy recommendations.