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.
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"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.
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.