The video clearly shows the car number plate, but it was a hire vehicle and Nottinghamshire Police said it cannot prove who was driving.
Instead, a man who was eligible to drive the car has been fined Â£150 for failing to provide driver details.
In a statement, the force said it was "disappointed" with the outcome.
The incident happened on 15 November 2014 but the victim has now posted the video online to highlight what he feels is a lack of justice.
"At the time there was an ongoing criminal investigation and I didn't want any footage that I released online to hamper that investigation," he said.
Updates on this story and more from Nottinghamshire
"It's left me feeling surprised at the injustice and the ability for criminals to get away with crimes so easily, especially those perpetrated against cyclists, and it's left the wider cycling community feeling totally betrayed.
"It would never put me off cycling but it has made me very annoyed at the fact that cyclists are being let down time and time again when it comes to justice."
He said he needed four months to recover from his injuries, with a further month of physiotherapy, having suffered a severe back injury and internal haemorrhaging.
The video shows the Volvo being driven behind the cyclist around a roundabout in Nottingham city centre.
The car follows the cyclist from a distance, but then suddenly accelerates and shunts the bicycle.
The camera falls to the ground and the cyclist can be heard groaning and breathing heavily.
Nottinghamshire Police said it had investigated the incident thoroughly.
"While we share the victim's disappointment at the outcome, we feel the investigating police officer made every effort to ensure that the occupants of the car were found and brought before the courts," the force said in a statement.

The female spaniel was found by an off-duty policeman in West Malling, Kent, on Wednesday morning.
The charity said the dog - thought to be a springer or cocker spaniel - had been thrown into an enclosed gateway to a designated dog walking field.
It believed the pup, which has a docked tail, was left the night before.
RSPCA inspector Rosie Russon said: "This poor pup is lucky to be alive.  When she was found, there was frozen solid faeces on the floor next to her.
"How she survived in such freezing conditions, I don't know."
The dog is receiving treatment for a skin condition and sore eye at the charity's centre in Chobham, Surrey.
Ms Russon said that after a 14-day abandonment notice ends and she is fully recovered, the team will find her a new home.
She added: "It's outrageous that somebody thought this was an appropriate way to dump their dog. It was an extremely cruel thing to do."
The charity is keen to hear from anyone who may have information.
Police say there is not enough evidence to prosecute a hit-and-run driver who accelerated into a cyclist - despite the incident being captured on video.
[NEXT_CONCEPT]
A dog is "lucky to be alive" after it was discovered "dumped" over a six foot fence, surrounded by "frozen solid faeces", the RSPCA has said.