A vehicular vision system includes a camera module having 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, an imager PCB and a lens barrel. 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. A flexible cable electrically 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 to enhance heat transfer from the electronic component to the lower housing portion.