Android 5.0 emulator showing Storage space running out

Go to AVD manager on your android studio. click on the pencil icon of the virtual device. on the pop up window click on advanced settings at the bottom. scroll down to memory and storage and alter the default definitions of MB/GB etc.

emulator -avd "Name" -partition-size 500

This solved the issue for me.

Update on how to execute above command:

1. Go to a terminal
2. cd [android SDK directory]/tools/
3. linux terminal: ./emulator -avd nameOfAvd -partition-size 500 &
   windows : emulator -avd nameOfAvd -partition-size 500

You have to go in your android folder e.g. on OSX ~/.android/avd/{YOUR_AVD_NAME} and edit file config.ini.

Just add or modify row disk.dataPartition.size = YOUR_SIZE

e.g. disk.dataPartition.size = 1G

Then you may have to wipe your emulator's disk.

Open AVD Manager --> Wipe Data