In recent decades, factors such as the worldwide growing concern for pollution induced climate changes, increasingly stringent emission norms for vehicles and depleting petroleum resources coupled with volatility in their prices have motivated and accelerated development of sustainable and clean alternatives for transportation systems. Electrification of vehicular technology (EVT) is considered as a promising and sustainable alternative for future transportation systems. In evolution of EVT, instability of fuel price, fuel economy, range, performance and costs are the governing factors and prime concerns for researchers, auto manufacturers and customers. These factors are decided by the design of the electric propulsion system (EPS) for vehicular application and its suitable integration with various electrical and mechanical components. In this paper, a comparative overview of EVT along with a comprehensive analysis of EPS and a brief discussion on power flow control and management algorithms for EVT is presented. The paper also highlights the ongoing technological advancements and future challenges in the roadmap of EPS for the electrification of vehicular technology.