The semiconductor industry is a rapidly growing sector. As collection technologies for production data continue to improve and the Internet of Things matures, production data analysis improves, thus accelerating progress towards smart manufacturing. This not only enhances the process quality, but also increases product lifetime and reliability. Under the assumption of exponential distribution, the ratio of lifetime and warranty has been proposed as a lifetime performance index for electronic products. As unknown parameters of the index, to use point estimates to assess lifetime performance may cause misjudgment due to sampling errors. In addition, cost and time limitations often lead to small sample sizes that can affect the results of the analysis. Type-II censored data are widely applied in production and manufacturing engineering. Thus, this paper proposes an unbiased and consistent estimator of lifetime performance based on type-II censored data. The 100(1 − α)% confidence interval of the proposed index is derived based on its probability density function. Overly small sample sizes not only make the length estimates of lifetime performance index intervals for electronic products too long, but they also increase sampling errors, which distort the estimation and test results. We therefore used the aforementioned interval to construct a fuzzy test model for the assessment of product lifetime and further help manufacturers to be more prudent and precise to evaluate the performance of product life cycles. A numerical example illustrates the applicability of the proposed model.