A camera module for a vehicular vision system includes a camera housing having a rear camera housing portion, a front camera housing portion, and a lens barrel at the front camera housing portion. A lens assembly includes a plurality of optical elements arranged along an optical path for focusing images at an imager. The optical elements include barrel-mounted optical elements disposed in the lens barrel and an outermost optical element disposed at a removable cover element. The imager is optically aligned with an optical axis of the lens assembly. The cover element is removably attached at the lens barrel such that, when attached, the outermost optical element is at an appropriate location relative to the barrel-mounted optical elements for focusing of images at the imager. The cover element seals against the lens barrel when the cover element is attached and seated at the lens barrel.