Error while clicking 'Create a virtual device' in Android Studio

In Android Studio, while clicking on 'Create a Virtual Device', I'm getting 'IDE Error Occured' instead of showing a list of emulators. I don't know what to do next.

It is showing below mentioned error -

null java.lang.NullPointerException at com.android.tools.idea.avdmanager.DeviceDefinitionList.setDefaultDevices(DeviceDefinitionList.java:291) at com.android.tools.idea.avdmanager.DeviceDefinitionList.(DeviceDefinitionList.java:221) at com.android.tools.idea.avdmanager.ChooseDeviceDefinitionPanel.$$$setupUI$$$(ChooseDeviceDefinitionPanel.java) at com.android.tools.idea.avdmanager.ChooseDeviceDefinitionPanel.(ChooseDeviceDefinitionPanel.java:39) at com.android.tools.idea.avdmanager.ChooseDeviceDefinitionStep.createUIComponents(ChooseDeviceDefinitionStep.java:90) at com.android.tools.idea.avdmanager.ChooseDeviceDefinitionStep.$$$setupUI$$$(ChooseDeviceDefinitionStep.java) at com.android.tools.idea.avdmanager.ChooseDeviceDefinitionStep.(ChooseDeviceDefinitionStep.java:45) at com.android.tools.idea.avdmanager.AvdWizardUtils.createAvdWizard(AvdWizardUtils.java:481) at com.android.tools.idea.avdmanager.CreateAvdAction.actionPerformed(CreateAvdAction.java:41) at javax.swing.AbstractButton.fireActionPerformed(AbstractButton.java:2022) at javax.swing.AbstractButton$Handler.actionPerformed(AbstractButton.java:2348) at javax.swing.DefaultButtonModel.fireActionPerformed(DefaultButtonModel.java:402) at javax.swing.DefaultButtonModel.setPressed(DefaultButtonModel.java:259) at javax.swing.plaf.basic.BasicButtonListener.mouseReleased(BasicButtonListener.java:252) at java.awt.Component.processMouseEvent(Component.java:6548) at javax.swing.JComponent.processMouseEvent(JComponent.java:3325) at java.awt.Component.processEvent(Component.java:6313) at java.awt.Container.processEvent(Container.java:2237) at java.awt.Component.dispatchEventImpl(Component.java:4903) at java.awt.Container.dispatchEventImpl(Container.java:2295) at java.awt.Component.dispatchEvent(Component.java:4725) at java.awt.LightweightDispatcher.retargetMouseEvent(Container.java:4889) at java.awt.LightweightDispatcher.processMouseEvent(Container.java:4526) at java.awt.LightweightDispatcher.dispatchEvent(Container.java:4467) at java.awt.Container.dispatchEventImpl(Container.java:2281) at java.awt.Window.dispatchEventImpl(Window.java:2746) at java.awt.Component.dispatchEvent(Component.java:4725) at java.awt.EventQueue.dispatchEventImpl(EventQueue.java:764) at java.awt.EventQueue.access$500(EventQueue.java:98) at java.awt.EventQueue$3.run(EventQueue.java:715) at java.awt.EventQueue$3.run(EventQueue.java:709) at java.security.AccessController.doPrivileged(Native Method) at java.security.ProtectionDomain$JavaSecurityAccessImpl.doIntersectionPrivilege(ProtectionDomain.java:80) at java.security.ProtectionDomain$JavaSecurityAccessImpl.doIntersectionPrivilege(ProtectionDomain.java:90) at java.awt.EventQueue$4.run(EventQueue.java:737) at java.awt.EventQueue$4.run(EventQueue.java:735) at java.security.AccessController.doPrivileged(Native Method) at java.security.ProtectionDomain$JavaSecurityAccessImpl.doIntersectionPrivilege(ProtectionDomain.java:80) at java.awt.EventQueue.dispatchEvent(EventQueue.java:734) at com.intellij.ide.IdeEventQueue.defaultDispatchEvent(IdeEventQueue.java:822) at com.intellij.ide.IdeEventQueue._dispatchEvent(IdeEventQueue.java:759) at com.intellij.ide.IdeEventQueue.dispatchEvent(IdeEventQueue.java:423) at java.awt.EventDispatchThread.pumpOneEventForFilters(EventDispatchThread.java:201) at java.awt.EventDispatchThread.pumpEventsForFilter(EventDispatchThread.java:116) at java.awt.EventDispatchThread.pumpEventsForHierarchy(EventDispatchThread.java:105) at java.awt.EventDispatchThread.pumpEvents(EventDispatchThread.java:101) at java.awt.EventDispatchThread.pumpEvents(EventDispatchThread.java:93) at java.awt.EventDispatchThread.run(EventDispatchThread.java:82)