Compiling and running an Ionic application on your Android device is a whole lot of fun, requiring a big list of tools and a little bit of good luck. It seems that I was out of luck as I got the following error message during the startup of Gradle:
Could not reserve enough space for object heap
To solve it, I specifically downloaded and installed the 64bit version of Java:
After the installation completed, I updated my JAVA_HOME environment variable to point to the 64bit version: