Electric and hybrid electric vehicle technology demonstrates a performance to replace the internal combustion engines (ICE) in the current scenario. It attracts attention with improved fuel or energy efficiency with lower emissions. The overall system performance depends on powertrains, types of energy sources, electro-electronic interfaces, and energy management strategies (EMS). Significant issues of battery-powered electric vehicles (EV) are effects on the range, battery life, EV performance, battery maintenance, and replacement cost. Hybrid power source system (HPSS) solves EV challenges to a large extent. A hybrid combination of battery and supercapacitor (SC) to power the EV enhances the overall performance and life of the vehicle. Learning and integrated-based EMSs are gaining attention, with their ability in accurate and fast response in power handling among various sources. This paper analyses various DC-DC converter topologies of HPSS and compares multiple EMS with recent developments. In the context of challenges involved in EVs and research gaps that are discussed in the paper, EMSs need to be enhanced. The EMSs must consider the inputs for varying driving behaviors, road traffic, load, and environmental conditions to assure the flexibility of EV among different users across the globe. This is achieved by the management of SC power available to support the vehicle during sudden power requirements and enabling it to recuperate braking energy to improve the energy efficiency throughout the trip. Lastly, recommending precise research directions to achieve the development and improvement of the EMS and power electronic interfaces.