A vehicular collision avoidance system includes a first image processor that processes image data captured by a forward-viewing camera to detect vehicles and determine vehicles present in the occupied lane and adjacent lane, and a second image processor that processes image data captured by a rearward-viewing camera to detect the presence of vehicles and determine vehicles present in the occupied lane and adjacent lane. Information relating to the vehicles is wirelessly transmitted between the vehicles. Responsive at least in part to at least one of (i) image processing of image data captured by the forward-viewing camera and/or rearward-viewing camera, (ii) sensor data sensed by at least one other sensor, and (iii) information transmitted to or from the equipped vehicle via the car2car (v2v) communication system, the collision avoidance system is operable to determine imminence of collision with the equipped vehicle by another vehicle present exterior the equipped vehicle.
