A camera module for a vehicular vision system includes a housing that houses at least (i) electronic circuitry disposed at a main printed circuit board (PCB) and (ii) an imager assembly. The imager assembly includes an imager and an imager PCB. Electronic circuitry is disposed at an upper side and at a lower side of the main PCB. The lower side of the main PCB faces a lower housing portion and the upper side of the main PCB faces an upper housing portion. The imager assembly includes a flexible cable that connects electronic circuitry disposed at the imager PCB with electronic circuitry disposed at the main PCB. An electronic component of electronic circuitry disposed at the main PCB is in thermal conductivity with a thermal element, which is in thermal conductivity with the lower housing portion. The thermal element includes a thermally conductive resilient material.