Windows emulator.exe PANIC: Missing emulator engine program for 'x86' CPU

I have solved the problem. You must install HAX drivers. You can do it here: https://software.intel.com/en-us/articles/intel-hardware-accelerated-execution-manager-intel-haxm Or just do update of SDK:

C:\Users\%username%\AppData\Local\Android\Sdk\tools\android.bat update sdk

That was not a path/location problem on my PC.

I have to use x86_64 system images to get the emulator working from the command line...

https://stackoverflow.com/a/56099493/531322

If you want to run emulator from command line,

<your-full-path>/emulator -avd 5.1_WVGA_API_28 

For newer version of Android SDK, the emulator path should be something as below:

/<xxx>/Android/sdk/emulator/emulator

For older version of Android SDK, the emulator path is as below:

/<xxx>/Android/sdk/tools/emulator

Try either one of above to see which is your case.

Here is the official document for Android emulator command line usage: https://developer.android.com/studio/run/emulator-commandline