I have 2 sections of the particle board peg boards in my garage. They were there when I moved in and have been there over 20 years. They have seen the full load of abuse for 20+ years. There have been a couple places where a few of the 6" long pegs were a bit overloaded and did pull through (couldn't hold the 50' torch hose coiled over it more then a couple of years, or 6 of the 11" vice grips on one peg more then 10 years). My peg boards are attached to the wall with 6 long screws into the studs with a 3/4" nut spacing the board away from the wall, the boards are 4' x 4', and there was no other support, but I've relocated those support locations from the original holes. The one panel gets more heavy stuff the the other one does because of its location. The garage is pretty dry, and is heated, but is does see humidity when its humid outside. There is some droop in the boards themselves, and over the years I've moved the mounting screws to different locations. Those boards are still loaded pretty full to this day.

The pic was taken in 2021, but it still looks about the same today. The torch hose still hangs off the pegboard (different holes), but I'm a lot more gentle removing and hanging up back up.