Hi Shravan Srinivasa
I want to make sure if I can use kinetis design studio for programming this board or should I be using s32 design studio?
KDS still support KEA family, but I would recommend to use s32 design studio, it is our lastest IDE for Automotive MCUs, which include KEA family.
When you mentioned that you couldn't add a component, you refer to a processor expert component? how are you creating your project? I could select and create a project selecting KEA128 processor, please check my image:

Then I could add componennts and compile and debug my project.
Regards
Jorge Alcala