The most common symptom of LED (and diode laser) failure is the gradual lowering of light output and loss of efficiency. Sudden failures, although rare, can also occur. Early red LEDs were notable for their short service life. With the development of high-power LEDs the devices are subjected to higher junction temperatures and higher current densities than traditional devices. This causes stress on the material and may cause early light-output degradation. To quantitatively classify useful lifetime in a standardized manner it has been suggested to use L70 or L50, which are the runtimes (typically given in thousands of hours) at which a given LED reaches 70% and 50% of initial light output, respectively.
Is there an answer to this question (If it cannot be answered, say "unanswerable"): What is rare in LED lighting?
Sudden failures