This review examines the significant shift from conventional fuels to alternative energy sources in the automobile industry, specifically focusing on battery and fuel cell technologies for electric vehicles. Analysis has been carried-out for various battery and fuel cell types currently available in the market, comparing their technical specifications, performance characteristics, and practical applications. The assessment covers critical factors including energy density, charging efficiency, operational lifespan, and production costs. The analysis extends to the environmental impact of these technologies throughout their lifecycle, from manufacturing to disposal and evaluate current end-of-life management strategies and recycling protocols for both battery and fuel cell components. The review identifies critical performance limitations in existing technologies and documents recent breakthroughs addressing these challenges. Furthermore, it has been explored on emerging battery chemistries and fuel cell designs showing promise for commercial applications. Research gaps and future directions are outlined, with emphasis on material science innovations and engineering solutions. This comprehensive analysis provides valuable insights for manufacturers, researchers, and policymakers working to advance electric vehicle technology and reduce transportation-related carbon emissions.