Android Studio 3.4.1 is now available in the Stable channel.
Google launched Android Studio-3.4, Latest version of its IDE, With “a small but focused set of new features that address core developer work-flows for app-building & resource -management.”
That includes Project Structure Dialog (PSD), R8 replacing Proguard as default-code shrinker & obfuscator, new app resource management tool, updated Android-Emulator with Android-Q Beta-support. Android Studio 3.4 also promises “over 300 bug & stability enhancements.”

Android Studio 3.4 Features

There Are Lots Features Here, Some Of Them Key Features Are Described Below.

Resource Manager : –

A new tool to visualize the drawables, colors, and layouts across your app project in a consolidated view.
In addition to visualization, the panel supports drag & drop bulk asset import, and, by popular request, bulk SVG to Vector Drawable conversion.
These accelerators will hopefully help manage assets you get from a design team, or simply help you have a more organized view of project assets.

In addition to visualization, the panel supports drag & drop bulk asset import, and, by popular request, bulk SVG to Vector Drawable conversion. These accelerators will hopefully help manage assets you get from a design team, or simply help you have a more organized view of project assets.

Import Intentions :-

Recognize common classes in Jetpack & Firebase libraries & suggest, via code intentions, adding the required import statement & library dependency to your Gradle project files. This optimization can be a time saver since it keeps you in the context of your code.
Moreover, since Jetpack libraries are modularized, Android Studio can find exact library or minimum set of libraries required to use new Jetpack class.

Layout Editor Properties Panel :-

One single pane, with collapsible sections for properties. Additionally, errors & warnings have their own highlight color, & resource binding control for each property, & we have updated color picker.

IntelliJ Platform Update :-

Android Studio 3.4 includes Intellij 2018.3.4. This update has a wide range of improvements from support for multi-line TODOs to an updated search everywhere feature.

Project Structure Dialog (PSD) :-

A user interface front end to manage Gradle project files. The new PSD allows you to see and add dependencies to your project at a module level. Additionally, the new PSD displays build variables, suggestions to improve your build file configuration, & more. You do not have to upgrade your Gradle plugin version number to take advantage of the new PSD.

R8 By Default:

It is the replacement for Proguard. R8 code shrinking helps reduce size of your APK. Thus getting rid of unused code & resources making your actual code take less space.

In comparison to Proguard, R8 combines shrinking, desugaring, & dexing operations into one step, which ends up to be a more efficient approach for Android apps.

R8 is default code shinker for new projects created with Android-Studio 3.4 & for projects using Android-Gradle plugin 3.4 & higher.

Android Emulator Skin updates & Android Q Beta Emulator System Image:

Inside of Android Studio 3.4 we released the latest Google Pixel 3 & Google Pixel 3 XL device skins. Also with this release, you can also download Android Q Beta emulator system images for app testing on Android Q. Google recommends running canary version of Android Studio and emulator to get latest compatibility changes during Android Q Beta program.

Next Updates About Android Studio Is That Android Studio 3.5 Beta 1 is now available in the Beta channel.