Exactly. I live in Denmark and sure many of us use our bikes from transportation, but I guess that a large portion of the newly purchased bikes are for exercise.
Most of us can't afford a car that we drive just for fun, but most can afford even a $4000 - $5000 bike that's just for fun. Included in these statistics are mountain bikes and racing bikes that people ride only in the weekends.
The number of people commuting on their bikes are more interesting, but then the US and a few other countries are screwed because of the distances between the city and suburbs or industrial parks that are inaccessible by anything but a car (European countries have these too).