Anisotropic Bianchi Type V Model with Variable $$\boldsymbol{\Lambda}$$ and $$\boldsymbol{G}$$: Cosmological Aspects and Singularity Analysis

We consider an anisotropic space-time model and explore the universe evolution using analytical solutions of directional scale factors. In the Bianchi type V space-time framework, a new set of exact solutions of Einstein’s field equations with dynamical gravitational and cosmological constants have been obtained. The time-dependent expansion scalar is used to illustrate the observational compatibility with the Cosmic chronometer data. The cosmographic parameters are studied using the best-fit parameter values. The model yields a consistent evolution as compared to the $$\Lambda$$ –cold dark matter model at low redshift. Further, we study the existence of finite-time singularities in the anisotropic space-time. The universe evolution with the linear equation of state has been probed for different aspects, such as the behavior of physical parameters and dissipation of anisotropy. The model may explain the accelerating universe expansion with vanishing anisotropy at late times.