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Transportation electrification is a pivotal factor in accelerating the transition to sustainable energy. Electric vehicles (EVs) can operate either as loads or distributed power resources in vehicle-to-grid (V2G) or vehicle-to-vehicle (V2V) linkage. This paper reviews the status quo and the implications of transportation electrification in regard to environmental benefits, consumer side impacts, battery technologies, sustainability of batteries, technology trends, utility side impacts, self-driving technologies, and socio-economic benefits. These are crucial subject matters that have not received appropriate research focus in the relevant literature and this review paper aims to explore them. Our findings suggest that transitioning toward cleaner sources of electricity generation should be considered along with transportation electrification. In addition, the lower cost of EV ownership is correlated with higher EV adoption and increased social justice. It is also found that EVs suffer from a higher mile-per-hour charging rate than conventional vehicles, which is an open technological challenge. Literature indicates that electric vehicle penetration will not affect the power grid in short term but charging management is required for higher vehicle penetration in the long-term scenario. The bi-directional power flow in a V2G linkage enhances the efficiency, security, reliability, scalability, and sustainability of the electricity grid. Vehicle-to-Vehicle (V2V) charging/discharging has also been found to be effective to offload the distribution system in presence of high EV loads.

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