A camera module for a vehicular vision system includes a lens barrel accommodating a lens, a front camera housing portion having an imager PCB disposed therein, and a rear camera housing portion mated with the front camera housing. The imager PCB is disposed at the front camera housing portion with the imager optically aligned with an optical axis of the optical elements of the lens barrel. A thermal element (i) is disposed between the imager PCB and the front camera housing portion and has a coefficient of thermal expansion (CTE) element of 13 ppm/° C. or less and/or (ii) has its temperature controlled via a thermoelectric device of the camera module. With the camera module disposed at the vehicle, circuitry of the camera module is in electrical connection with a wire harness of the vehicle.