A vehicular camera assembly includes a mounting base configured to mount at a vehicle, an arm pivotally mounted at the mounting base, a camera disposed at an outer end region of the arm, and an actuator that is operable to pivot the arm between a drive position and a folded position. The actuator includes a primary detent interface that is engaged to maintain the arm at the drive position when the arm is pivoted to the drive position. When the arm is manually pivoted between the folded position and the drive position, a secondary detent interface is disengaged and the primary detent interface is disengaged. With the vehicular camera assembly mounted at the vehicle, video image data captured by the camera is processed for (i) display of video images derived from video image data captured by the camera or (ii) detection of an object viewed by the camera.