The energy management strategy (EMS) is a decision-making algorithm for effective power allocation between storage devices in a hybrid energy storage system (HESS). Source voltages, state of charge (SOC), the terminal voltage of the load, and the rate of change in the battery current must be considered while implementing the EMS and, hence, they are termed as performance indicators. This research work focuses on the development of an EMS, designed to manage the performance indicators of the sources (terminal voltage and battery current rate) and ensure efficient power distribution through a shared bus topology. A shared bus topology employs individual converters for each source, offering efficient control over these sources. Rule-based fuzzy logic control ensures efficient power distribution between batteries and ultracapacitors. Additionally, hardware has been developed to validate the power allocation strategy and regulate the DC-link voltage in the energy management system (EMS). dSPACE MicroLabBox is utilized for the implementation of real-time control strategies. A battery and an ultracapacitor bank are utilized in a hybrid energy storage system. The simulation outcomes have been corroborated by experimental data, affirming the efficacy of the proposed energy management strategy. The proposed EMS achieves a 2.1% battery energy saving compared to a conventional battery electric vehicle over a 25 s duration under the same load conditions.