I’d say the only serious competitor is probably podcasts. Streaming Live radio doesn’t work outside the main centres . There is also a lot of red tape to put up new towers for mobiles in Australia. I am not saying there shouldn’t be red tape but whilst we have then we need FM/AM radio.
I remember going to China in the early 00s and there was 2G reception everywhere even in some remote locations in Yunnan province. Different country more population and also if the govt want to build something they can. Most people in China don’t own a radio at home in my family circles anyway, less people own cars (only richer people in cities). Just from my own personal observations.
My last trip overseas (precovid) maybe circa 2017 (I can’t remember exactly) Malaysian people did listen to radio in the car. Android auto wasn’t even supported yet in that market. It was not so easy to buy a radio at a retailer in Malaysia. I did look, in fact I also did try to buy one in HK about 5 years ago and it was difficult. In Malaysia the mobile network isn’t so good so the good old radio is still on in people’s cars. Public transport isn’t great outside of KL and maybe JB so most people drive.