Quick example of generating GeoJSON contours from raster with d3

contours.js

'use strict';

var contours = require('d3-contour').contours;
var PNG = require('pngjs').PNG;
var fs = require('fs');

var png = PNG.sync.read(fs.readFileSync('./rain.png'));

var data = [];
for (var i = 0; i < png.height; i++) {
    for (var j = 0; j < png.width; j++) {
        data[i * png.width + j] = png.data[4 * (i * png.width + j) + 0];
    }
}

var zValues = [8, 18, 36, 54, 72, 90, 108, 126, 144, 162, 180, 198, 216, 234, 252];

var polygons = contours()
    .size([png.width, png.height])
    .thresholds(zValues)
    (data);

var geojson = {
    type: 'FeatureCollection',
    features: []
};

for (let polygon of polygons) {
    if (polygon.coordinates.length === 0) continue;

    let coords = convertCoords(polygon.coordinates);

    geojson.features.push({
        type: 'Feature',
        properties: {
            value: polygon.value
        },
        geometry: {
            type: polygon.type,
            coordinates: coords
        }
    })
}

function convertCoords(coords) {
    var minLng = 63.8148899733;
    var maxLng = 143.536486117;
    var maxLat = 56.3833398551;
    var minLat = 12.7700338517;

    var result = [];
    for (let poly of coords) {
        var newPoly = [];
        for (let ring of poly) {
            if (ring.length < 4) continue;
            var newRing = [];
            for (let p of ring) {
                newRing.push([
                    minLng + (maxLng - minLng) * (p[0] / png.width),
                    maxLat - (maxLat - minLat) * (p[1] / png.height)
                ]);
            }
            newPoly.push(newRing);
        }
        result.push(newPoly);
    }
    return result;
}

console.log(JSON.stringify(geojson));

@agdhruv - hopefully this will help

1. line 31: Need to convert the coordinates from lng lat geo coordinates into pixel based x,y coordinates to match up with the dimensions of the source raster image.
2. Check out gdal_translate and gdal_polygonize and gdal_contour. From my experience you have much more control using d3-contour.
3. Convert to geojson (or geobuf) as an intermediate step, then use https://github.com/mapbox/tippecanoe to convert into vector tilesets.