Electrification of the propulsion system has opened the door to a new paradigm of propulsion system configurations and novel aircraft designs, which was never envisioned before. Despite lofty promises, the concept must overcome the design and sizing challenges to make it realizable. A suitable modeling framework is desired in order to explore the design space at the conceptual level. A greater investment in enabling technologies, and infrastructural developments, is expected to facilitate its successful application in the market. In this review paper, several scholarly articles were surveyed to get an insight into the current landscape of research endeavors and the formulated derivations related to electric aircraft developments. The barriers and the needed future technological development paths are discussed. The paper also includes detailed assessments of the implications and other needs pertaining to future technology, regulation, certification, and infrastructure developments, in order to make the next generation electric aircraft operation commercially worthy.