They aren't two competing products for the same job. PDM is the CAD-data vault engineering lives inside; PLM is the cross-enterprise system that usually contains it.
Ask a design engineer what manages their CAD files and revisions, and the honest answer is PDM — check-in/check-out, revision history, an as-designed bill of materials pulled straight from the assembly tree. Ask a program manager what tells them the true, current state of a product across engineering, manufacturing, sourcing, quality, and service, years after it shipped, and the honest answer is PLM. Both statements can be true about the same company at the same time, because PDM (Product Data Management) is not a smaller competitor to PLM (Product Lifecycle Management) — it is the engineering-data foundation that most real-world PLM deployments are built directly on top of.