What are the factors that affect the lifespan of the LEDs?

The thermal management of the LEDs. If LEDs come on a standalone chip, appropriate heat sinks have to be designed to prevent premature failure of LEDs.

The electrical stress: Running LEDs at currents higher than specified make the LED run hot. This can happen with wrongly matched drivers. For example, if the driver produces 700mA but the LED needs 350mA, this will put stress on LED and reduce its lifespan.

Higher ambient temperatures than the ones that the LED is rated for will reduce its expected life.