Default 'url-loader' uses base64 encoding, but SVG content is a human-readable xml string, using base64 encoding is not mandatory. Better to use svg-url-loader (or something similar) instead for '?data' flag.
Benefits:
- Resulting string is shorter (can be ~2 times shorter for 2K-sized icons);
- Resulting string will be compressed better when using gzip compression;
- Browser parses utf-8 encoded string faster than its base64 equivalent.