Tire mounted sensors are emerging as a promising technology, capable of providing information about important tire states. This paper presents a survey of the state-of-the-art in the field of smart tire technology, with a special focus on the different signal processing techniques proposed by researchers to estimate the tire load and slip angle using tire mounted accelerometers. Next, details about the research activities undertaken as part of this study to develop a smart tire are presented. Finally, novel algorithms for estimating the tire load and slip angle are presented. Experimental results demonstrate the effectiveness of the proposed algorithms.