The production of W$^\pm$ bosons is studied in proton-lead (pPb) collisions at a nucleon-nucleon centre-of-mass energy of $\sqrt{s_\mathrm{NN}} =$ 8.16 TeV. Measurements are performed in the W$^\pm \to \mu^\pm\nu_\mu$ channel using a data sample corresponding to an integrated luminosity of 173.4 $\pm$ 8.7 nb$^{-1}$, collected by the CMS Collaboration at the LHC. The number of positively and negatively charged W bosons is determined separately in the muon pseudorapidity region in the laboratory frame $|\eta^\mu_\mathrm{lab}| <$ 2.4 and transverse momentum $p_\mathrm{T}^\mu >$ 25 GeV/$c$. The W$^\pm$ boson differential cross sections, muon charge asymmetry, and the ratios of W$^\pm$ boson yields for the proton-going over the Pb-going beam directions are reported as a function of the muon pseudorapidity in the nucleon-nucleon centre-of-mass frame. The measurements are compared to the predictions from theoretical calculations based on parton distribution functions (PDFs) at next-to-leading-order. The results favour PDF calculations that include nuclear modifications and provide constraints on the nuclear PDF global fits.