A conical area evolutionary algorithm (CAEA) is presented to further improve computational efficiencies of evolutionary algorithms for bi-objective optimization. CAEA partitions the objective space into a number of conical subregions and then solves a scalar subproblem in each subregion that uses a conical area indicator as its scalar objective. The local Pareto optimality of the solution with the minimal conical area in each subregion is proved. Experimental results on bi-objective problems have shown that CAEA offers a significantly higher computational efficiency than the multi-objective evolutionary algorithm based on decomposition (MOEA/D) while CAEA competes well with MOEA/D in terms of solution quality.