There has been plenty of development during the last decade on various image formats.
The web is growingly made of images which is why it is important to keep them efficient.
Page weight of top 1 Million web pages, according to the HTTP Archive This report tracks the size and quantity of many popular web page resources. Sizes represent the number of bytes sent over the network, which may be compressed. https://httparchive.org/reports/page-weight?lens=top1m&start=2018_07_15&end=latest&view=list
This is a topic that Steve Sounders have been researching and talking for respectable amount of time https://stevesouders.com/
https://caniuse.com/?search=image%20format
To use multiple image formats, to allow the browser to choose the best supported, use the picture element.
A responsive images method to control which image resource a user agent presents to a user, based on resolution, media query and/or support for a particular image format
https://web.dev/learn/design/picture-element
AV1 Image File Format (AVIF)
VIF support is available in all the major web browsers (i.e. over 93% of all web browsers,[4] similar level of support as for WebP it was made to replace)
AVIF generally has better compression than WebP, JPEG, PNG and GIF and is designed to supersede them. AVIF competes with JPEG XL which has similar compression quality and is generally seen as more feature-rich than AVIF.
image/avif
Since January 2024, this feature works across the latest devices and major browser versions
HEIF
A modern image format based on the HEVC video format. HEIC generally has better compression than WebP, JPEG, PNG and GIF. It is hard for browsers to support HEIC because it is complex and expensive to license. AVIF and JPEG XL provide free licenses and are designed to supersede HEIC.
Only Safari
WebP
WebP is a raster graphics file format developed by Google intended as a replacement for JPEG, PNG, and GIF file formats
image/webp
Since September 2020, this feature works across the latest devices and major browser versions
JPEG XR
JPEG XR was built to supersede the original JPEG format by having better compression and more features. WebP, AVIF and JPEG XL are all designed to supersede JPEG XR.
JPEG XR image format Can I use? - JPEG XR
IE and Edge Legacy Wikipedia - JPEG XR
JPEG XL
A modern image format optimized for web environments. JPEG XL generally has better compression than WebP, JPEG, PNG and GIF and is designed to supersede them. JPEG XL competes with AVIF which has similar compression quality but fewer features overall.
JPEG XL image format Can I use? - JPEG XL
Just Safari
JPEG 2000
JPEG 2000 was built to supersede the original JPEG format by having better compression and more features. WebP, AVIF and JPEG XL are all designed to supersede JPEG 2000.
Just Safari
More JPEG
MNG
https://en.wikipedia.org/wiki/Multiple-image_Network_Graphics
MNG image format
Was supposed to replace gif Not supported anywhere
Portable Network Graphics (PNG)
Animated Portable Network Graphics (APNG) - 2004
Like animated GIFs, but allowing 24-bit colors and alpha transparency