: Emerging electric vehicle (EV) technology requires high-voltage energy storage systems, efficient electric motors, electrified power trains, and power converters. If we consider forecasts for EV demand and driving applications, this article comprehensively reviewed power converter topologies, control schemes, output power, reliability, losses, switching frequency, operations, charging systems, advantages, and disadvantages. This article is intended to help engineers and researchers forecast typical recharging/discharging durations, the lifetime of energy storage with the help of control systems and machine learning, and the performance probability of using AlGaN/GaN heterojunction-based high-electron-mobility transistors (HEMTs) in EV systems. The analysis of this extensive review paper suggests that the Vienna rectifier provides significant performance among all AC–DC rectifier converters. Moreover, the multi-device interleaved DC–DC boost converter is best suited for the DC–DC conversion stage. Among DC–AC converters, the third harmonic injected seven-level inverter is found to be one of the best in EV driving. Furthermore, the utilization of multi-level inverters can terminate the requirement of the intermediate DC–DC converter. In addition, the current status, opportunities, challenges, and applications of wireless power transfer in hybrid and all-electric vehicles were also discussed in this paper. Moreover, the adoption of wide bandgap semiconductors was considered. Because of their higher power density, breakdown voltage, and switching frequency characteristics, a light yet efficient power converter design can be achieved for EVs. Finally, the article’s intent was to provide a reference for engineers and researchers in the automobile industry for forecasting calculations.
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