Hybrid electric propulsion system based aircraft designs are paving the path towards a future greener aviation sector and thus, have been the major focus of the aeronautical community. The fuel efficiency improvements of such propulsion system configurations are realized at the aircraft level. In order to assess such benefits, a radical shift in the sub-system modeling requirements and an integrated conceptual aircraft design environment is necessary. This work highlights performance model development work pertaining to different hybrid electric propulsion system components and development of a design platform which facilitates tighter integration of different novel propulsion system disciplines at aircraft level. Furthermore, a serial/parallel partially distributed hybrid electric propulsion system is chosen as the candidate configuration to assess the potential benefits and associated trade-offs by conducting multidisciplinary design space exploration studies. It is established that the distributed hybrid electric configurations pose the potential for aircraft structural weight reduction benefits. The study further illustrates the impacts from onboard charging during the low thrust requirement segments, quantitatively. It is highlighted that the amount of off-take power extraction for onboard charging of the battery is limited due to engine operability and higher specific fuel consumption issues. Though provisioning of onboard charging lowers the potential for block fuel savings, improvement in battery specific energy can make it more promising, which is also dependent on the hybridization power level. It is established that distributed propulsion system configurations particularly benefit from a high aspect ratio wing structure, which manifests for high hybridization power levels. A high voltage level transmission system with more efficient electrical components, enhances opportunities for achieving block fuel saving benefits.