Conventional car emissions are a major cause of today’s grave environmental problems. Because of the energy dilemma and the inefficient nature of traditional cars, it is a great time to innovate in the field of electric vehicles. Fuel efficiency is improved with hybrid electric cars compared to conventional automobiles, but the ultimate objective is to have vehicles that run only on electricity. There are already a plethora of literature reviews available on the topic of hybrid electric vehicle technology. This paper reviews the literature on the market penetration of various kinds of electric vehicles, compares and contrasts their various modeling approaches and optimization strategies. What sets this study apart is its focus on fundamental obstacles and inadequate charging infrastructure in a developing nation like India. When traditional renewable energy sources are not available, the novel Vehicle-to-Grid idea provides a backup power supply. Electric vehicles’ essential technologies, including batteries, charging, electric motors and controls, and charging stations, are outlined. This study sheds light on the technological hurdles and promising new technologies that will help EVs become more efficient, reliable, and secure in the near future. Shortening battery life in EVs is due to repeated charging and discharging. Because of this, the lifespan of the EV battery can be extended by using BESS as a backup energy storage system and then selling electricity to the building. Integration of grid into EV charging will be a game changer in adoption of EV.