Heat oven to 375°F. Place paper baking cups in each of 24 regular-size muffin cups. Microwave frozen carrots as directed on bag 3 to 4 minutes to thaw. In food processor, place carrots. Cover; process until finely chopped.
In large bowl, beat cake mix, oil, eggs and 1 cup water with electric mixer on low speed 30 seconds. Beat on high speed 2 minutes, scraping bowl occasionally, until blended. Fold in carrots, raisins and pecans. Spoon into muffin cups, filling three-fourths full.
Bake 23 to 25 minutes or until toothpick inserted in center comes out clean. Cool in pan 5 minutes; remove to cooling rack. Cool completely, about 30 minutes. Spread cupcakes with frosting.