Ford has unveiled a new Expedition for the model's first update in more than seven years.

The carmaker hopes to revive the shrinking SUV segment with the new 2015 Ford Expedition featuring an EcoBoost V-6 engine, which debuted Wednesday at the DFW Auto Show in Dallas and will go on sale later this year, according to Dallas News.

"Even though the segment has become smaller, it is still viable," said Doug Scott, Ford truck group marketing manager. "This is the first action of any significance with the Expedition since 2007."

SUV sales have fallen 27 percent in the last five years as consumers opt for smaller, more fuel-efficient crossovers, Dallas News reported.

But Ford is looking to change that with the new model, which follows the current 2007 Expedition.

"They still make money, gas prices are down and all our forecasts are that gas prices may fall even further," said Jesse Toprak, chief analyst at Cars.com, as quoted by Dallas News. "Why not go for it?"

The full-size sport utility vehicle features a 3.5-liter, direct-injection, twin turbocharged EcoBoost V6 engine, Star-Telegram reported. The 2007 Expedition runs on a 5.4-liter V-8 engine, and Ford says the latest model has improved power and performance.

While Ford hasn't released numbers yet, the updated Expedition will likely have "at least 55 more horsepower and pound-feet of torque" than its predecessor, Dallas News reported.

The Expedition sold 38,350 vehicles in 2013, a modest figure that was slightly up from the previous year, according to Dallas News.

The updated model will have a new three-bar grille, tweaks on the tail lamp and trim, an improved interior and optional 22-inch wheels.

"We will maintain best-in-class towing of more than 9,000 pounds," said Brian Rathsburg, a marketing manager at Ford, as quoted by Dallas News. "We're going from an average powertrain to what we think will be best-in-class."

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