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Digital Twin (DT) is a dynamic digital representation of a real-world asset, process or system. Industry 4.0 has recognised DT as the game changer for manufacturing industries in their digital transformation journey. DT will play a significant role in improving consistency, seamless process development and the possibility of reuse in subsequent stages across the complete lifecycle of the product. As the concept of DT is novel, there are several challenges that exist related to its phase of development and implementation, especially in high value manufacturing sector. The paper presents a thematic analysis of current academic literature and industrial knowledge. Based on this, eleven key challenges of DT were identified and further discussed. This work is intended to provide an understanding of the current state of knowledge around DT and formulate the future research directions.