There has been a significant increase in interest towards "The electrification of transportation" in the past decade. The environmental crisis caused due to global warming and the depletion of oil supplies are factors that have made the automobile sector adopt strategies to produce eco-friendly, sustainable vehicles instead of their commercial fuel propelled vehicles. Most governments have expressed their interest in alleviating the environmental impact caused due to vehicle pollution by introducing various policies that eventually help people switch to Electric Vehicles (EV). Though there has been a surge of interest among people to adopt environmentally friendly, economically affordable electric vehicles, the major concern is the state of charge and range offered by these EVs. The global automobile sector has started to invest in research dedicated to the energy management system in EVs to overcome these issues. The emergence of artificial intelligence (AI) and the advancement of control systems are clear signs for developing smart-energy management systems in EV. This paper reviews the methods of energy storage and usage in EV following the various Energy Management Systems (EMS) present in EV such as Rule-based EMS and Optimization-based EMS and its types. Also, it gives an insight into the emergence of futuristic AI-based chips that would revolutionize the energy-management system in E-vehicles.