Oranges and Apples
The mistake you are making is, as wonderfully demonstrated by your bicycle/car example is you are not comparing like for like. Sure, there are many more ARMs shipped than x86 silicon. But then, there are probably more self tapping screws shipped than x86 silicon. And how can you speak of value when the ARM is sold as licences and then resold as fairly inexpensive units? How many Beagle boards can you buy for the price of a lump of (expensive) x86?
Does my PVR run an N270? Does my Zen run x86? No, both run ARM. Because ARM is better targetted for small embedded devices than fully blown computer systems.
What is nice to see, irrespective of market size, is that it is shipping loads. It is a veritable success. Yay.