They have not been around for long enough to have any "Real Life" experiences yet.

As far as LED's themselves, (Just the LED')s,
(not the "associated electronics" that come with them) , will probably outlast me! IE 20 years or more (I Hope)!!

I installed blue LED's in place of the incandescent bulbs in my 1964 Dodge, at least 15 years ago. I have never had one burn out yet.

So one can expect the actual LED's to last a very long time, the "associated electronics" we will have to wait and see.

Gary

The electrolytic capacitors in the power supply are likely to fail long before the LEDs.

What brickeyee says is true about capacitors failing, for those LED products that have them. This is especially true for those in IC airtight recessed cans, where they will be warmer, as higher temperature shorten the life of pretty much all electronics. Products that are powered directly from the 120V will probably have internal supplies with such capacitors.

My LED strip lights are driven by a transformer; no capacitors. They could also have been driven by a 12V power supply -- that could be replaced separately if it failed.

The biggest problem that LED face is maybe the heat dissipation, but most customers would consider it as the most important factor