Another reason is that the LED semiconductor chip itself suffers from overheating over time ( they sometimes pulse the leds above their 'normal' voltage to achieve a higher brightness) and this degrades their light output eventually) The multiple LED versions have several parallel strings of LEDs( in series with a current limiting resistor). If one of the LED has a slightly lower forward voltage drop it will cause that string to take slightly more current than the other strings and will cause the rest of the LEDs in the string to warm up causing a slow thermal runaway and loss of brightness ( Way back when , I served my apprenticeship at Ferranti they had an LED development and production department - for military devices and I got instructed all about LEDs right from the manufacture of the chip itself ,connection to the lead frame , encapsulation and testing , which included colour, forward voltage and luminance matching).They have made great strides since then in the brightness, colour range e.t.c but those fundamentals are still valid . Some of the cheaper brands on the market may not fully test for endurance of their products. I've even seen the Alko ATC green/red LED suffer such a fate , even though its completely sealed inside the plastic encapsulation its light output had dropped away so much you could only see it at night! What Prof said about the drive ICs is also valid . I have several workshop LED lamps and they do have a habit of suddenly switching off once the battery voltage dropped beyond a certain value (these IC's are constant current drivers rather than the buck boost ICs.