A camera module for a vehicular vision system includes a lens barrel having a plurality of optical elements accommodated therein, a front camera housing portion that accommodates at least one printed circuit board therein, and a rear camera housing portion mated with the front camera housing. The imager is optically aligned with an optical axis of the optical elements. A heat transfer element is disposed between and in thermal conductive contact with a thermoelectric device and the printed circuit board. Circuitry of the camera module is electrically connected to the imager and the thermoelectric device and is electrically connected to electrical connecting elements that electrically connect to a wire harness of a vehicle when the camera module is disposed at the vehicle. The thermoelectric device is electrically powered to draw heat from the imager printed circuit board to the rear camera housing portion.