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 imaging array sensor, an imager PCB and a lens holder that includes an elongated lens barrel that houses at least one lens. Electronic circuitry is disposed at an upper side and at a lower side of the main PCB. Image data captured by the imaging array sensor is conveyed via a flexible cable to 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 a lower housing portion of the housing to enhance heat transfer from the electronic component to the lower housing portion of the camera housing.