Various aspects of vehicle design, such as powertrain, infotainment, connectivity, and driving assistance systems, are undergoing significant advancements and innovations in the automotive industry. To enhance the performance and efficiency of electric vehicles, designers are exploring advanced technologies beyond the conventional silicon-based solutions. One such technology that is gaining popularity is the use of wide-bandgap materials like silicon carbide (SiC) and gallium nitride (GaN) for power-semiconductor devices in electric vehicles. Wide-bandgap-based hard-switching voltage source converters made of these materials are superior to their silicon counterparts in terms of efficiency, but their performance depends on their utilization at high switching frequencies. To determine the best technology for future electric vehicle applications, researchers compared the efficiency of SiC and GaN devices by analyzing factors such as blocking voltage, conduction loss, switching loss, and diode reverse recovery loss, Thermal optimization design. However, the electromagnetic interference (EMI)/electromagnetic compatibility (EMC) of these wide bandgap semiconductors is also a concern. Therefore, the study also examined the EMI/EMC performance of GaN and SiC converters in electric vehicle power converters. The investigation included CM (Common Mode), DM (Differential Mode), EMI noise, radiated and conducted emissions, and recent research assessing the EMI/EMC performance of these converters in EVs. Finally, the study aimed to evaluate the efficiency of the two MOSFETs SiC and GaN in electric vehicles by comparing their fundamentals performance parameters & the cost of application, with the goal of increasing efficiency and achieving a higher performance for electric vehicles & how to balance the tradeoff between the vehicle performance & cost so that the market specific conclusion can be drawn on this aspect.